Binance-linked non-custodial wallet tokens see massive growth over the past week

The native token of non-custodial pockets supplier SafePal (SFP) spiked 125.96% over the previous week, in line with CryptoSlate data. On the time of writing, the token was buying and selling at $0.743 — up 16.97% over the previous 24 hours.

The token’s market cap greater than doubled from round $35.6 million to $81 million over the previous week, in line with Coingecko data.

Based in 2018 and backed by Binance, SafePal gives non-custodial software program and {hardware} wallets, together with different associated companies. The platform’s utility token SFP allows customers to say bonuses on SafePal’s earn and lend program, reductions on SafePal merchandise, and vote on governance proposals.

The “not your keys, not your cash” fever is driving development

The collapse of the crypto trade FTX has pushed dwelling the significance of self-custody amongst buyers. This has led to a record crypto exodus from centralized exchanges on the charge of 106 Bitcoin (BTC) monthly, Glassnode data signifies. Round 50,000 BTC, value round $838 million at present costs, left centralized exchanges over the previous week, Coinglass data reveals.

SafePal is among the beneficiaries of this crypto exodus as buyers are more and more seeking to acquire management of their belongings. Nonetheless, it’s not the one non-custodial pockets token to see an uptick in value.

Binance-owned Belief Pockets’s utility token TWT has additionally seen vital development over the previous week. The token’s value registered a development charge of 92.39% over the previous week to commerce at round $2.25 on the time of writing, in line with CryptoSlate knowledge. The token’s market cap elevated by round $450 million in the course of the interval to $941.21 million at press time.

It’s to be famous that Belief Pockets’s value development was accelerated when Binance CEO Changepeng Zhao endorsed it on Twitter on Nov. 13.

Whereas each the non-custodial wallets are linked with Binance, the trade itself is defying the development of crypto leaving exchanges. Over the previous 24 hours, over 94,400 BTC, value roughly $1.5 billion at present costs, flowed into Binance, in line with Coinglass knowledge.

It’s to be famous, nevertheless, that Binance was not the one centralized trade to see optimistic inflows of BTC over the previous day, Nonetheless, Binance noticed the largest influx whereas Coinbase, Kraken, Bithumb, and some others noticed inflows of lower than 1,500 BTC every.

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