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03 March 2022

How to Develop a Crypto Hardware Wallet like SafePal?

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SafePal S1 is a hardware cryptocurrency wallet designed by Binance Labs. It entered the market in 2019. Now, it is famous in the cryptocurrency, DeFi, and NFT community. This article will tell you about this wallet’s key advantages and security systems and how to develop a crypto hardware wallet like Safepal.

The review of SafePal 

SafePal S1 became available on the market in 2019. It is one of the most popular hardware cryptocurrency wallets on the market. The community appreciates the design, the experience, the safety, and the fact that Litecoin Foundation and Binance Labs (a Binance venture capital) approve of the wallet. But for the hardware wallets, SafePal also produces metallic boards that help to store the seed phrase. Also, they offer leather cases and a native token – SafePal Token (SFP). 

SafePal’s S1 key features are:

Four SafePal components

Developing a SafePal hardware wallet clone requires reproducing all its components: the physical device, the interface for computer and mobile, the server part, and a native token. Here is a brief description of these components. 

The physical device

The specifications of the SafePal S1 wallet. Source.

The device resembles a typical MP3 player. The joystick for navigation is under the 1.3-inch color screen. Furthermore, the device has a camera for scanning QR codes that approve necessary actions in the mobile application. The device has a 400 mAh battery; it can autonomously function for about 3.5 hours. Typically, the crypto wallet is in sleep mode, and 3.5 hours can be sufficient for 1.5 months of usage.

To charge the device, simply use a USB cable. To update the device, connect it to the computer via USB. It is the only scenario requiring connecting the device to a computer. Sharing data is done via QR codes, not requiring cables or wireless connections. 

Most devices have a hardware security module (HSM) responsible for storing and protecting private keys. It is a hyper-secure device that fights unauthorized access. SafePal employs a CC EAL5+ security chip for this purpose. It means that SafePal S1 has a chip that meets the international security standards ISO/IEC 15408. 

Indeed, EAL5+ is not the maximum, and the ranking is from the simplest EAL1 to the most secure EAL7.

The security requirements from EAL1 to EAL7. Source.

If you want more than just copying the SafePal hardware wallet, you should focus on adding the EAL7 to the device rather than the EAL5+ used in SafePal. Thus, you will be more competitive, and the users will trust you better. 

Users Interface

The SafePal’s user interfaces for the mobile version of the wallet. Source.

The SafePal hardware wallet has a mobile version for both Android and iOS. The investors and traders can employ it to track their balance, send and receive tokens, interact with decentralized services, and trade on SafePal DEX and Binance CEX. The application has a pleasing interface, intuitive navigation, and many functions and adjustments for security management. 

SafePal DEX is an Automated Market Maker (AMM). It helps to exchange a token swiftly for another. Also, the wallet allows buying crypto for fiat via bank transactions, credit cards, and payment services. 

Furthermore, SafePal wallet provides means to interact with PancakeSwap, Travala, Rarible, Aave, Compound, Uniswap, Curve, and other DeFi projects.

The product’s server part

The example of the architecture of the wallet’s server part. Source.

It is probably the most crucial stage of development. Since Backend stores, processes, and protects data and processes that provide the functioning of the wallet, it requires maximum attention. Backend can be implemented on local servers, yet AWS, Google Cloud Platform, Microsoft Azure, and other cloud solutions are better, faster, and cost-effective solutions.

SFP Native token 

In early 2021, SafePal launched its native token and exchange ticket SFP. Its token standard is BEP-20, which functions on Binance Smart Chain (BSC) blockchain. SFP allows the users to receive unique rewards and opportunities while using SafePal’s wallet and application:

The function of the hardware wallet

The prime functions of many cryptocurrency wallets. Source.

While developing a cryptocurrency wallet requires creating two user interfaces for two user categories, namely trader-investors and administrators. They both have different rights and capabilities.

Regular user panel:

Wallet’s administration panel.

 SafePal security features

PIN Code. A PIN code protects the SafePal hardware cryptocurrency wallet. Each user sets the PIN during the registration. It also has an instrument that randomizes the numbers; hence, it creates a reliable code that will resist keyloggers and other hacker instruments. 

A password + a QR code. Furthermore, the mobile application that interacts with the hardware wallet has a password that always requires verification via the QR code during any critical application. 

The verification process of SafePal device and application. Source.

Seed recovery phrase. While creating a new account, the users will be offered 12 to 24 random words that make the seed phrase required to recover access to the wallet. 

Two-factor authentication. All cryptocurrency transactions initiated via the mobile application should be signed and authorized via the SafePal crypto wallet.

EAL5+ security module. SafePal also is protected against hacking attacks by the EAL5+ element. It is a microchip with the security level of the most reliable global solutions for finances, banks, and medical industries.

The protection against unauthorized access. The hardware wallet is a tamper-proof device with two seals as a protective element. If someone breaks the aspect to hack, the device will delete the private key and self-destruct. 

Autonomous cold storage. The SafePal S1 hardware device is 100% self-sufficient. It is connected to the mobile or PC via USB only for updates and charging. It does not support a wireless connection (Wi-Fi, Bluetooth, etc.); thus, it is impossible to hack the device remotely. 

Development stack for a crypto wallet 

Technical stack for developing the backend of the SafePal clone:

Technical stack for developing the Frontend of the SafePal clone:

Developing process of SafePal clone

A hardware wallet like SafePal should be created only by custom development means. Only this way is it possible to provide a top-level of security and reliability of the product, for these are the main requirements to the hardware wallets. The task should be trusted only to the developers with significant expertise in cybersecurity, for example, the Merehead company.

Since 2015, our team has been engaged in developing projects of various complexity in FinTech, blockchain, cryptocurrency, DeFi, and NFT sectors. We genuinely know how to protect the data and money of our clients and their users. You can study our company’s portfolio and clarify the cooperation terms via +1-206-785-16-88 or

Here is how the custom development process follows at Merehead:

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