Demand for Hardware Crypto Wallets Increases Amid Currency Restrictions in Russia
Hardware wallets designed to securely store cryptocurrency have seen a several-fold increase this spring in Russia, on the backdrop of currency restrictions introduced amid foreign sanctions. Ledger and Tangem have been the most popular products on the market, a media report revealed. Russians Buy More Hardware Crypto Wallets, Market Players Say
Russian crypto users have sought to purchase up to eight times more hardware wallets in March – April 2022 over previous periods, the daily Vedomosti reported, quoting representatives of the Tangem wallet developer, the retail chain M.video-Eldorado, and the Ozon marketplace.
Ledger, which sells wallets resembling a USB stick, and Tangem, whose products are designed to take the space of a bank card, have been the most popular brands among Russian customers, the article details.
M.video-Eldorado started 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 the demand for these devices — their sales saw an eight-fold annual increase in the first quarter.
According to Tangem, the significant increase in demand for its devices since the beginning of the year is also partially due to the fact that the company introduced more affordable products to the market. Demand at M.video-Eldorado peaked in March, when they were first offered, the chain confirmed.
Ozon also acknowledged that the wider range of products has contributed to the spike in demand. In January, a seven-fold increase in the available items was registered and in June the stock was six times higher than January, Bits.media reported. Currency restrictions imposed by the Bank of Russia against the backdrop of Western financial sanctions have had an effect, the online marketplace noted.
Quoted by Vedomosti, CEO of Infoline-analytics Mikhail Burmistrov explained that the surge 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 at crypto lenders such as Celsius, have led to an almost five-fold increase in the global demand for Ledger wallets. Tags in this story conflict, Crypto, crypto wallet, Cryptocurrencies, Cryptocurrency, currency restrictions, Demand, Hardware wallet, Ledger, Ozon, restrictions, Russia, russian, russians, Sanctions, Tangem, Ukraine, Wallet
Do you know of other crypto-related products that enjoy a growing demand? Tell us in the comments section below. Lubomir Tassev
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Cumberland Says Financially Burdened Crypto Firms Are "Hanging Over the Market Like a Cloud" NEWS | 3 hours ago Israeli Crypto Company Etoro Lays Off 100 Workers, SPAC Deal Terminated, Company Eyes Private Raise NEWS | 7 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCumberland Says Financially Burdened Crypto Firms Are ‘Hanging Over the Market Like a Cloud’ Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin