SafePal is a cryptocurrency wallet introduced in 2018 that is backed by Binance Labs and offers both hardware and software wallets to help users safeguard and maximize their digital assets. The SafePal Token (SFP) is the utility token that drives the ecosystem and can be acquired through staking. The staking program, called SafePal Earn, allows SFP holders to earn rewards by staking through a yield aggregator platform where they can choose their preferred option. No elements of non-Shariah compliance were found.
| Category | Details | Status |
|---|---|---|
| Legitimacy | Not regulated by any countries or regulatory bodies., however this project is backed by Binance labs. The project has a well-defined path and a legitimate blockchain product, while the token/coin has a fundamental underlying value that qualifies it as a "Mal" or asset. | Passed |
| Project | SafePal is a cryptocurrency wallet that was introduced in 2018 that aids users in safeguarding and maximising their digital assets. SafePal, the first hardware wallet invested in and backed by Binance, offers both hardware and software wallets, all linked and managed through the SafePal App. As per their other services like swap, exchange and staking services, they doesnÃÂâÃÂÃÂÃÂÃÂt have non-Shariah compliant elements. | Passed |
| Financials | There is no financial screening on this cryptocurrency because it is not backed by any equity. | Passed |
| Token | SafePal Token, often known as SFP, is the utility token that drives the whole SafePal ecosystem. It may be acquired as a staking incentive. | Passed |
| Staking Method | Their staking program is called SafePal Earn where SFP holders can earn reward by staking thru their yield aggregator platform where holder can choose any of their preference. | Passed |
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