What happened?
SafePal has upgraded the Secure Element chipsets in its hardware wallets from CC EAL 5+ to CC EAL 6+, which raises its security standards beyond typical financial industry levels. They’ve also launched a Telegram Mini-wallet, SafePal Mini, featuring banking gateway integration and a digital crypto Mastercard. These updates come with software and mobile wallet security enhancements including data parsing and transaction simulations.
Who does this affect?
This affects over 20 million SafePal users worldwide who rely on the wallet for storing and managing their cryptocurrency assets, as well as more than 950 million Telegram users who could potentially gain access to the Telegram Mini-wallet. Additionally, it impacts merchants and payment providers across 40+ blockchains who may integrate with SafePal’s new services.
Why does this matter?
The upgrades elevate SafePal’s hardware wallet security, which is crucial in an industry plagued by high-profile hacks like the $1.4 billion Bybit incident. By enhancing its offerings and maintaining affordability, SafePal aims to strengthen user trust and drive market adoption of secure crypto transactions. The launch of the Telegram Mini-wallet with expanded blockchain support and banking capabilities could significantly boost user accessibility and engagement within the crypto ecosystem.