What does the future of Web3 look like to SafePal CEO Veronica Wong?

Because the world strikes towards a extra digital future, the idea of Web3 and its potential to revolutionize the web has change into a scorching subject within the tech {industry}. On this interview, SafePal CEO Veronica Wong, shares her insights on the way forward for Web3 and the present state of the crypto market.

She additionally talks about her ideas on the challenges and alternatives within the crypto safety area and the way SafePal is positioning itself to fulfill these challenges head-on.

Q: In 2022 the crypto area noticed some vital turbulence and the crash of a number of huge platforms. What do customers must know coming into 2023 as crypto buyers, and the way can they higher shield their digital property?

Whereas black swan occasions broken the overall religion in crypto, a big a part of it was as a result of opacity and malpractice of centralized platforms, and never an correct reflection of the {industry} as an entire.

Crypto remains to be a nascent {industry}, and danger administration and diversification are all the time essential. Buyers ought to do thorough analysis earlier than leaping in blindly or taking the recommendation of influencers.

Battle-tested and established platforms will not be as thrilling as new initiatives, however they’re typically safer, so buyers must weigh out dangers and rewards in accordance with their danger urge for food.

Q: Will 2023 deliver a brand new wave of adoption for Web3? Are prospects turning to self-custodial wallets now after the crash of one of many greatest centralized exchanges?

The malpractice of centralized platforms has certainly catalyzed the adoption of self-custody options. This could not simply be a brief surge of curiosity, however a key impetus to strengthen the adoption of self-management for property — which has typically been uncared for however is a key basis of crypto.

Whereas self-custody is liberating, this additionally means customers need to be chargeable for safeguarding their property towards malicious assaults and cling to greatest practices encompassing pockets hygiene, safety measures and extra.

Builders ought to enhance UI, UX and safety, however customers additionally need to put within the effort to learn instructional assets to enhance their understanding and consciousness.

Q: What does SafePal do to make sure the security of its prospects’ property?

SafePal’s flagship S1 {hardware} pockets retains non-public keys absolutely offline with an air-gapped signing mechanism and an anti-tampering self-erasing mechanism for added safety.

We work carefully with exterior safety establishments like CertiK to judge merchandise and have a blacklisting mechanism to mitigate person publicity to malicious Third-party DApps — with 1500 taken down final 12 months. SafePal can be stringent with itemizing screening processes, and collection of ecological and marketing campaign companions.

As a crypto pockets suite, schooling is equally important to constructing protected merchandise for customers. Guides are shared often through our channels, and we interact our group actively with AMAs.

Q: Regardless of the chilly blows of crypto winter, will 2023 deliver a revitalized curiosity within the area?

The overall financial outlook remains to be recovering, however efforts within the growth of significant crypto initiatives proceed. Developments in MPC know-how and account abstraction enhance usability and safety, whereas options like EIP4844 result in extra reasonably priced fuel charges, which lowers boundaries to adoption and scalability.

We’re additionally beginning to see the “Pockets Wars” emerge — as extra firms dive into creating their very own variations, with crypto wallets popping up like mushrooms all over the place.

It is a optimistic pattern because it showcases an industry-wide recognition of the significance of self-custody, driving innovation and worth for customers which is able to finally revitalize curiosity this 12 months.

Q: Even on this tough local weather, SafePal expanded its person base greater than twofold to over 7 million customers globally. What are the most important achievements and the most important challenges you confronted in 2022?

Together with the expansion of our person base, we’ve remained on the forefront of cross-chain interoperability by supporting 55 blockchain networks and their native tokens, and we additionally launched our browser extension in July final 12 months to change into a completely complete crypto pockets suite.

It has been difficult to supply high quality {hardware}, software program and browser extension product traces on the identical time, however this has allowed us to compete with the likes of Ledger and MetaMask as few platforms have the required assets and experience.

We’ve additionally remained worthwhile whereas scaling our crew globally for the previous 3 years.

Q: What are your plans for this 12 months? Any bold targets you’re wanting ahead to reaching within the upcoming months?

SafePal is blessed to have fun its fifth 12 months anniversary, regardless of the challenges confronted by the {industry} final 12 months. We is not going to relaxation on our laurels and intention to develop our person base aggressively by persevering with to enhance the standard and performance of our merchandise.

Plans to realize this embody implementing social logins and restoration to enhance accessibility and safety continued efforts to change into open-source, and extra. We’re additionally wanting so as to add options to assist customers higher handle their NFTs and fight the focused scams and exploits that are on the rise.

Blockchain integrations and significant partnerships with main platforms will stay a part of our core efforts. We can even proceed scaling our crew internationally to strengthen our group and tackle language boundaries for our more and more international person base.