Veronica Wong is the CEO and founder of SafePal, a crypto wallet suite that provides hardware, mobile apps, and browser extension solutions. ^[1]

Education

In 2012, Wong graduated from Guangdong University of Foreign Studies with a Bachelor’s in English and Language Arts Teacher Education. ^[1]

Career

In February 2020, Scott Cunningham interviewed Wong about SafePal and how she got into crypto, starting with her introduction: ^[2]

“I am the CEO of SafePal. SafePal is a secure and user-friendly cryptocurrency hardware wallet built for the masses. I personally worked at Tencent for seven years, one of the biggest tech giants in China, where I was in the security department responsible for a financial security product now serving more than 300 leading financial institutions in local communities. We empowered them with advanced mass data and AI technology. I have always spent a lot of my time learning and researching new technologies that could be revolutionary and bring dramatic changes in human history. Bitcoin came into my sight in 2015 when a friend sent me the Bitcoin white paper. I was immediately drawn to the delicate model it depicted. For anyone with a technical sense, it is not difficult to see that Bitcoin and blockchain could be revolutionary technologies worth paying close attention to. I didn't enter the blockchain field immediately; instead, I treated it as a research topic and observed market changes over the years. It was not until 2017, two years later, that I started seriously thinking about entering this market and being part of it. That was the beginning of the SafePal story.”

She then explained what problem SafePal aimed to solve: ^[2]

“When we first started SafePal, we wanted to address three existing problems in the market. Firstly, security: since Bitcoin's inception, more than five billion dollars in Bitcoin has gone missing or been stolen, highlighting a major pain point affecting people's confidence in blockchain and cryptocurrencies. It is crucial for a hardware wallet to solve security issues as wallet-as-a-service providers. Secondly, user experience: many users, including myself, have found hardware wallets cumbersome to use without any technical background. As firm believers in blockchain, we think everyone should have their own cryptocurrencies and a decent, easy-to-use wallet. Lastly, cost-effectiveness: most hardware wallets are sold at high prices, between seventy and seven hundred dollars. It is important to lower the threshold for end-users to enter the market by making wallets more accessible to the masses.”

“The main target is to provide an accessible wallet for all users, especially those new to blockchain technology. Newbies can use SafePal wallet with ease, without encountering difficult or unfamiliar concepts related to Bitcoin, blockchain, or cryptocurrencies. We focus on addressing security, user experience, and cost-effectiveness in our products, and these concepts are integral to our first product, the SafePal S1.”

When asked about the Binance partnership, Wong responded: ^[2]

“As I mentioned, SafePal was founded in early 2018, and in September, we applied for Binance Labs' first incubation program and were listed at the end of that September. During the two-month application stage, Binance conducted a thorough diligence process, asking detailed questions about our backgrounds, business understanding, and vision. Many partners and friends asked why Binance chose us. I believe it was due to our motivation and commitment. Our team is highly technical, with three-quarters having R&D backgrounds. We are firm believers in blockchain and Bitcoin, viewing blockchain as a crucial part of the future. Additionally, our team's experience in the internet industry, with members from Tencent, Huawei, Samsung, and Asia Optical, means we pay close attention to user feedback and practical market solutions. We focus on identifying pain points and real user cases in the blockchain ecosystem, particularly around wallet security, as hacking incidents and centralized wallet services still pose significant risks.”

Towards the end of the interview, she shared her thoughts on SafePal’s future in the crypto space: ^[2]

“Since the crypto space is still in its infancy, it is difficult to predict what will happen in the next decade or even the next five years. We are fully prepared for the rapidly changing and evolving crypto world. In our understanding, wallets will have two different roles in the long-term future. Firstly, they will serve as custodians for private keys, acting as a bridge to interact with the blockchain, allowing users to transfer and move their assets. Secondly, beyond cryptocurrencies, wallets will manage various digital assets, such as on-chain identity, data, and real estate tokens. Wallets will become the interfaces between humans and the blockchain, managing all blockchain assets, including identity and asset details. For example, if you want to authorize a third party to use your medical data, you might need a wallet to sign and approve it. We believe wallets will become crucial infrastructure for the blockchain ecosystem. In the coming years, we will continue to enhance our product features, develop different types of wallets to cater to various preferences, and maintain a strong focus on security, including designing our own bounty program.”

Interviews

SafePal Updates

In a 2020 press release with Gokhshtien Media, Wong discussed SafePal's recent updates and new features, including introducing their software wallet, full integration with decentralized applications (dApps), and a multi-chain cross-chain feature for easy and affordable token swaps. She highlighted the launch of Binance spot trading within SafePal, bridging the gap between centralized and decentralized finance while maintaining user security. Wong emphasized the importance of users taking control of their crypto assets through cold storage solutions, particularly in light of recent vulnerabilities in centralized exchanges. She also noted increased adoption and interest from new users, driven by the DeFi boom and rising cryptocurrency prices. ^[3]

Deep Dive into Crypto

In a 2023 interview with Coin Edition, Wong discussed crypto security, wallets, and how to avoid scams, starting with her opinion on the most striking event in 2022 blockchain: ^[4]

“The entire year of 2022 was very turbulent for everyone in the blockchain industry. Many significant events occurred, with the most striking being the FTX crisis in November. Prior incidents like the 3AC and Luna crises also severely impacted the industry, but the FTX crisis led to a more devastating situation for many investors, affecting not just retail investors but also institutional investors and funds. Most importantly, it damaged trust in the industry, causing many users to leave. This situation underscored the importance of owning crypto assets and using decentralized wallets, which is reflected in the increased downloads and sales volume of our wallet, as well as a growing user base since November. This highlights a crucial lesson for retail investors in the industry."

She then explained the common factors of blockchain scams: ^[4]

“This industry is still in its infancy and highly speculative, leading to scammers taking advantage of many new beginners. Many users enter hoping to make quick money without considering the potential risks, which gives scammers an opportunity. Additionally, the industry lacks sufficient user education, with many users not understanding how decentralization works or what self-custody means. They often don't know how to properly use a decentralized wallet to protect their assets, resulting in human errors and falling for scams. As a builder in the industry, I see few professional sources that provide comprehensive yet easy-to-understand content for beginners. The complex concepts and knowledge in the crypto space are challenging for non-tech users, highlighting the need for more accessible educational content.”

When asked about social media influencers hyping fraudulent crypto projects, Wong responded: ^[4]

“That's a crucial question everyone should consider carefully. First, avoid relying solely on opinions, as they can be biased or influenced by financial connections between the speaker and the project. Always be skeptical of opinions from social media or other platforms. Instead, use data and metrics to guide your decisions. Look for reliable data sources like Etherscan, Dune Analytics, and other on-chain data tools to assess metrics such as trading volume and trends. Data provides objective insights, while opinions can be misleading. Additionally, a competent crypto investor should develop their own strategy and build their own knowledge base to make informed decisions.”

“Combine various tools and sources to cross-check and verify information, ensuring you select the most reliable ones. When investing, be cautious and thorough, as the concept of blockchain and cryptocurrency emphasizes personal ownership and responsibility. This approach can be daunting but offers significant freedom. Being responsible for your assets means any losses are your own, so it's a learning process. Over time, by consolidating tools and information, you can filter out irrelevant noise and focus on the projects you're interested in.”

She then discussed ways blockchain technology could protect users from future scams: ^[4]

“Following the 2017 boom, there was significant discussion on applying blockchain technology across various sectors due to its transparency, openness, and immutability. Blockchain can address issues in data-driven sectors, where traditional models often fail to protect user data or allow users to benefit from its monetization. For instance, blockchain can enhance consumer data protection by giving users control over how their data is used and preventing centralized entities from exploiting it. As on-chain behavior data accumulates, blockchain enables users to manage and monetize their data, paving the way for new applications like blockchain-based social networks and personal profiles. This shift represents a revolutionary change in data management and consumer rights.”

Web3 Wallets and Trends

In an interview on the CryptoNews Podcast, Wong discussed SafePal's journey since its founding in 2018, focusing on its development as a comprehensive non-custodial crypto wallet suite that supports over 100 blockchains. She shared insights from her experience at Tencent, which influenced her approach to security and user experience in crypto. Wong addressed the competitive landscape of Web3 wallets, noting the growing importance of decentralized solutions despite the dominance of centralized wallets from major companies. She highlighted ongoing challenges integrating advanced technologies like account abstraction and multi-party computation. She emphasized SafePal's commitment to enhancing security and user education in response to increasing threats. ^[5]