A Growing Use Case for Cryptocurrency? — Demystifying DeFi With SafePal

Photo credit: SafePal

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Cryptocurrency is arguably having its day in the sun. Retail investors, celebrities and large institutions alike seem to be even more interested and invested in the market on a regular basis. UBS Group AG UBS and BlackRock Inc. BLK have invested. Twitter Inc. TWTR Founder Jack Dorsey is creating non-fungible tokens (NFTs), and Tesla Inc. TSLA CEO Elon Musk moves the price of Dogecoin (DOGE) with a tweet.

The market cap of the entire cryptocurrency space is more than $2.5 trillion today. That’s up from $230 billion just 3 years ago.

One space within the broader market is decentralized finance, or DeFi. DeFi is an umbrella term for a host of cryptocurrencies and blockchain ecosystems that are attempting to remove the financial middleman and empower individuals with banking, transactions, and more.

Although DeFi has a lot of buzz around it, it remains a relatively small subset of the larger market. As of October, it had amassed an $80 billion market cap, representing about 3% of the total market. But many believe this might grow exponentially in the coming years.

Some say that one of the major reasons DeFi has not hit the mainstream yet is that at the moment many barriers to entry exist for the average investor. The process to acquire DeFi coins or access can be difficult, and seem potentially dangerous due to front-page hacking examples.

Keeping track of different wallets, your private keys or seed phrases is also not the easiest task in the world.

SafePal is hoping it can help remove these barriers and bring the power of DeFi to the people. The company makes crypto hardware wallets as well as crypto software wallet solutions which helps new crypto investors safely and securely manage their crypto assets including NFTs. To reduce the hurdle for new DeFi users, SafePal has introduced the SafePal Earn feature making earning through DeFi simpler.

The SafePal wallet app helps users keep track of all of their crypto assets including stable coins. From the app users can buy, sell, swap and  earn cryptocurrencies. SafePal Earn feature allows new users to stake stablecoins such as USDT, USDC, and BUSD to earn additional APY yield as well as quick create LP tokens natively within the wallet.  And the app lets you interact with dApps on the Ethereum, Tron, Binance networks supporting over 30 different blockchain networks.

SafePal believes its SafePal Earn feature is a crucial piece of the puzzle. With this feature, the ability for users to stake cryptocurrencies and earn interest and rewards can be accessed right in the app. This removes the need to navigate potentially confusing DeFi sites and risk making a major mistake or mishandling your funds as brand new DeFi users are quite susceptible to malicious websites, applications and programs when navigating the DeFi world.

If you’re interested in learning more about SafePal, check out its website here.

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.