- Safe price posted a nearly 7% gain on Wednesday after Vitalik Buterin said he uses the platform’s wallet to store his funds.
- Vitalik Buterin says multisig wallets are a way to decentralize security and are better than Shamir backup.
- SAFE appears to be recovering from a dip following the enabling of transfers.
SAFE, the native cryptocurrency of Safe wallet, rose nearly 7% on Wednesday after Ethereum co-founder Vitalik Buterin revealed he uses the wallet to store his funds.
Vitalik Buterin uses Safe wallet
Following a recent increase in phishing scams and wallet hacks, an X user recommended that crypto investors use hardware wallets instead of hot wallets. He highlighted that hardware wallets could help investors better secure their funds since they are offline and users would rarely sign transactions with them. “Your hardware wallet will be your fortress of solitude,” he said.
In response, another X user discussed the downsides of hardware wallets, stating, “The biggest risk becomes yourself.” Some of the risks he mentioned include someone discovering your seed, forgetting where your seed is, and traveling due to emergencies after putting your seed in a bank vault.
Following this, Vitalik Buterin commented on the exchange on Wednesday. He mentioned that the risks in hardware wallets are why he uses the Safe multisig wallet for storing more than 90% of his funds.
Also read: Bitcoin price crashes below $58K, tests Bull Market Support Band
Multisig wallets are cryptocurrency wallets that require multiple private keys to access or transfer assets.
Buterin mentioned that users could hold some of the keys and allow others they trust to hold the rest while ensuring not to reveal who those other people are, even to each other. “Decentralize your own security,” he said.
While another user added Shamir backups – another crypto wallet security standard – Buterin noted they’re “way easier to screw up than a multisig.”
Following Buterin’s comments, the price of SAFE quickly shot up despite the general crypto market downturn. SAFE increased from a low of $1.70 to $1.92 before setting around $1.89 at the time of writing. SAFE had plummeted in the past seven days after the Safe DAO enabled the transfer of SAFE tokens on April 23rd.
SAFE could enjoy more gains in the coming days as Buterin’s comments could attract more users to try out the Safe wallet and engage with its token. The Safe team has also been partnering and integrating with key players across the crypto ecosystem, and its Safe Con web3 developer conference may trigger a rally for the SAFE token.
News & Analyses
Upward Revision to Q2 GDP Aids the US Dollar’s Feeble Recovery
Gold (XAU/USD) and Silver (XAG/USD) Drift as US Dollar Pares Recent Losses
Libya Outages and Middle East Tensions Spark Supply Concerns. WTI Nears key $77.40 Resistance
​​​FTSE 100, DAX 40 and S&P 500 are taking a breather ahead of Nvidia earnings​​​
​​​FTSE 100, DAX 40 and S&P 500 Bid Ahead of Powell Speech​​​
Japanese CPI and Ueda’s Comments Prop up the Yen Ahead of Powell’s Address
Nikkei 225, Dow Jones and Nasdaq 100 Lose Upside Momentum
Safe price is up nearly 7% after Vitalik Buterin’s comment on multisig wallets
SAFE, the native cryptocurrency of Safe wallet, rose nearly 7% on Wednesday after Ethereum co-founder Vitalik Buterin revealed he uses the wallet to store his funds.
Vitalik Buterin uses Safe wallet
Following a recent increase in phishing scams and wallet hacks, an X user recommended that crypto investors use hardware wallets instead of hot wallets. He highlighted that hardware wallets could help investors better secure their funds since they are offline and users would rarely sign transactions with them. “Your hardware wallet will be your fortress of solitude,” he said.
In response, another X user discussed the downsides of hardware wallets, stating, “The biggest risk becomes yourself.” Some of the risks he mentioned include someone discovering your seed, forgetting where your seed is, and traveling due to emergencies after putting your seed in a bank vault.
Following this, Vitalik Buterin commented on the exchange on Wednesday. He mentioned that the risks in hardware wallets are why he uses the Safe multisig wallet for storing more than 90% of his funds.
Also read: Bitcoin price crashes below $58K, tests Bull Market Support Band
Multisig wallets are cryptocurrency wallets that require multiple private keys to access or transfer assets.
Buterin mentioned that users could hold some of the keys and allow others they trust to hold the rest while ensuring not to reveal who those other people are, even to each other. “Decentralize your own security,” he said.
While another user added Shamir backups – another crypto wallet security standard – Buterin noted they’re “way easier to screw up than a multisig.”
Following Buterin’s comments, the price of SAFE quickly shot up despite the general crypto market downturn. SAFE increased from a low of $1.70 to $1.92 before setting around $1.89 at the time of writing. SAFE had plummeted in the past seven days after the Safe DAO enabled the transfer of SAFE tokens on April 23rd.
SAFE could enjoy more gains in the coming days as Buterin’s comments could attract more users to try out the Safe wallet and engage with its token. The Safe team has also been partnering and integrating with key players across the crypto ecosystem, and its Safe Con web3 developer conference may trigger a rally for the SAFE token.
Source link
Ethereum dips below $2,300 following August NFP data, JP Morgan weighs in on ETH ETF performance
Bears extend their control, aiming for 87.00
US Dollar holds steady after mixed NFPs
Holds steady as US data leaves Fed rate cut uncertainty
XRP dips to one-month low close to $0.53, Ripple co-founder backs Kamala Harris for US presidential election
US Dollar pops after NFP footnotes are enough to dampen hopes for a 50 basis point rate cut in September
Crypto News
Ethereum dips below $2,300 following August NFP data, JP Morgan weighs in on ETH ETF performance
XRP dips to one-month low close to $0.53, Ripple co-founder backs Kamala Harris for US presidential election
Bitcoin, Ethereum, XRP tests key support, TRON network non-stablecoin activity hits new highs
Vitalik Buterin says all Layer-2 token holdings will be donated to charity, won’t sell for profit
WazirX, Penpie hackers move stolen funds via Tornado Cash
Bitcoin faces potential decline if it falls below $56,000 threshold
TON up as Telegram CEO speaks up following arrest
News & Analyses Analyses
Ethereum dips below $2,300 following August NFP data, JP Morgan weighs in on ETH ETF performance
...
Bears extend their control, aiming for 87.00
...
US Dollar holds steady after mixed NFPs
...
Holds steady as US data leaves Fed rate cut uncertainty
...
XRP dips to one-month low close to $0.53, Ripple co-founder backs Kamala Harris for US presidential election
...