Bitcoin News and Finance
Demand for Hardware Crypto Wallets Increases Amid Currency Restrictions in Russia Skip to main content

Demand for Hardware Crypto Wallets Increases Amid Currency Restrictions in Russia

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.

Do you know of other crypto-related products that enjoy a growing demand? Tell us in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory