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Demand for hardware crypto wallets increases among currency restrictions in Russia – Bitcoin News
Hardware wallets designed for secure storage of cryptocurrencies have seen a several-fold increase this spring in Russia, due to currency restrictions imposed under foreign sanctions. Ledger and Tangem have been the most popular products on the market, a media report revealed.
Russians are buying more crypto wallets for hardware, market players say
Russian cryptocurrencies have sought to buy up to eight times more hardware wallets in March-April 2022 compared to previous periods, the daily Vedomosti reported, citing representatives of the Tangem wallet developer, retailer M.video-Eldorado and the ozone market.
Ledger, which sells wallets resembling a USB stick, and Tangem, whose products are designed to fit a bank card, have been the most popular brands among Russian customers.
M.video-Eldorado began selling crypto wallets in the fall of 2021. It currently offers a single currency and a multi-currency Tangem and a Ledger. In 2022, the retailer observed a marked growth in demand for these units – their sales saw an eight-fold annual increase in the first quarter.
According to Tangem, the significant increase in demand for the units since the beginning of the year is also partly due to the fact that the company introduced cheaper products on the market. Demand for M.video-Eldorado peaked in March, when they were first offered, the chain confirmed.
Ozone also acknowledged that the wider range of products has contributed to the increase in demand. In January, a sevenfold increase in available goods was registered and in June the stock was six times higher than in January, Bits.media reported. Currency restrictions imposed by the Bank of Russia on the basis of Western economic sanctions have had an effect, the electronic marketplace noted.
Quoted by Vedomosti, Mikhail Burmistrov, CEO of Infoline Analytics, explained that the increase in wallet sales can also be attributed to the outflow of IT specialists from the Russian Federation. They bought cryptocurrencies and hardware wallets to transfer their savings abroad, he elaborated.
The publication further points out that the recent turmoil in the cryptocurrency market, the collapse of the Terra ecosystem and the problems of crypto borrowers such as Celsius, have led to a nearly fivefold increase in global demand for Ledger wallets.
Do you know of other crypto-related products that are enjoying increasing demand? Tell us in the comments section below.
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