Celsius’ funds freezing triggered boom in hardware crypto wallet sales

Ledger device purchases have increased 4,5 times since the platform suspended its withdrawal and asset exchange functions

24.06.2022 - 06:40

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What’s new? Ian Rogers, Ledger’s chief experience officer, reported that the company’s hardware wallet sales have increased 4,5 times since June 13. According to him, the boom was driven by news of Celsius, a DeFi platform for lending and staking cryptocurrencies, which froze customers’ accounts last Monday, citing “extreme market conditions.” Rogers added that the increase in demand for hardware wallets correlates with the outflow of money from crypto exchanges, with Ledger’s revenue in the current quarter roughly equal to its full-year 2020 revenue, Blockworks reports.

Material by Blockworks

What else did the company say? Ledger CEO Pascal Gauthier compared hardware wallets to smartphones, adding that they are “critical digital devices” when interacting with the cryptocurrency ecosystem. He also previously noted that Ledger has more than 2 million active users per day more than 20% of cryptocurrencies around the world are protected using the company’s technologies.

On June 22, the company launched Ledger Market, an NFT marketplace, as well as Ledger Enterprise Create, a service for developers, which will allow companies to scale projects in Web 3.0 and securely move into the NFT space.

In April, the company released its new universal hardware wallet, Ledger Connect, Nano S Plus version. The device is aimed at cryptocurrency users, decentralized finance (DeFi), and NFT collectors.

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