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Currency restrictions in Russia led a demand for hardware crypto wallets to surge

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  • This summer, a few cryptocurrency limitations were imposed in response to international sanctions. Due to this,  the number of hardware crypto wallets intended to safely hold cryptocurrencies increased by a fair margin. According to a news assessment, Ledger and Tangem were the most well-liked items on the market.

Russians Might purchase more tangible wallets

Hardware Crypto Wallet Ledger, Credit: BitDegree
Hardware Crypto Wallet Ledger, Credit: BitDegree

Representatives of the Tangem wallet manufacturer, the leading retail M.video-Eldorado, and the Ozon platform quoted that Russian cryptocurrency users attempted to buy up to eight times additional hardware crypto wallets from March to April 2022 compared to earlier months. According to the report, Tangem and Ledger were the most liked companies amongst Russian consumers. Tangem makes goods that are meant to fit inside a bank card, and Ledger offers wallets that resemble Flash drives.

Hardware Crypto Wallets

Ozon, Credit: FinTech Futures
Ozon, Credit: FinTech Futures

M.video in the autumn of 2021, began to provide cryptocurrency wallets for sale. As of right now, it provides a Ledger, a Tangem, and both single-currency and multi-currency versions. Interest in these hardware crypto wallets grew significantly in 2022, as seen by the firm’s revenues, which in the first half increased by an eightfold annual rate. Additionally, Ozon admitted that the increased variety of items has fueled the surge in demand. According to reports, the number of things accessible in January increased sevenfold, and by June, the number was six times larger than in January. The e-commerce store highlighted that the currency limitation implemented by the Bank of Russia against the backdrop of Western economic sanctions seemed to have an impact.

Ujan Chakraborty
Ujan Chakraborty
Nothing but Blue Skies.
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