Electrum vs SafePal Comparison

Electrum creates its own seed phrase: 12 words from the same 2048-word list as BIP39, but with a version number hidden in the phrase's hash instead of a BIP39 checksum, so a wallet that reads only BIP39 phrases cannot restore it. Electrum publishes the format, and it can also restore BIP39 phrases and SLIP-39 shares.

The phone app creates a 12- or 24-word BIP39 phrase (BIP39/44 derivation); the browser extension creates its own phrase at setup. Wallets can also be imported from a private key.

Electrum Technologies GmbH, Berlin, develops and distributes the software and hosts electrum.org. The company holds no user accounts and cannot freeze or reverse payments. Anyone can run an Electrum server, and none of the 84 servers in the app's built-in list is on electrum.org.

SafePal's terms and privacy policy name SkyGenesis Holdings Limited but give no country of registration or governing law. The App Store lists the seller as SAFEPAL LTD.; Google Play lists the developer as BitTech Group Limited with an address in Wan Chai, Hong Kong. The privacy policy says personal data may be moved to Singapore, Hong Kong, mainland China and the United States.

Thomas Voegtlin created Electrum in November 2011 and founded Electrum Technologies GmbH in 2013. Two developers, Thomas Voegtlin and SomberNight, have write access to the code; website changes and releases must be signed by both.

Founded in 2018 by Veronica Wong and two co-founders, starting as a hardware wallet maker. SafePal names Binance, Animoca Brands and Superscrypt as its backers, and says it has made a strategic investment in Fiat24, the Swiss-regulated financial institution behind its in-app IBAN account and Mastercard.