Russia’s demand for hardware crypto wallets increases several times

As Vedomosti points out, the trend is caused by currency restrictions and sanctions on local banks

05.07.2022 - 08:55

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What’s new? In March-April 2022, the demand for hardware cryptocurrency wallets in Russia increased 5-8 times compared to the fourth quarter of 2021. This is reported by Vedomosti, citing Tangem, a wallet developer, as well as representatives of M.Video-Eldorado, and Ozon. Russian distributors currently offer two types of hardware wallets: one in the form of a bank card from Tangem and the other similar to a USB drive from Ledger. The outlet noted that the growth in demand was caused by currency restrictions and sanctions against Russian banks.

Vedomosti’s material

Ian Rogers, Ledger’s chief experience officer, reported that the company’s hardware wallet sales increased 4,5 times after the freezing of funds by Celsius, noting that the demand for such devices correlated with the outflow of assets from crypto exchanges.

To find out what crypto wallets are and what to look for when choosing a device, software, or platform to store digital assets, see GetBlock Magazine’s article.

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