HARDWARE WALLET MARKET

 Over the course of the projected period, the worldwide hardware wallet market is anticipated to grow at a CAGR of over 28.4%. The hardware wallet market has benefited from the fast-growing demand for cryptocurrencies brought on by the epidemic. A number of cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, and others, are gradually transitioning from being utilized as speculative investment vehicles to being used for payments. Demands for the dematerialization of payments have intensified due to the COVID-19 pandemic, and interest in payment patterns and the financial life cycle is also rising.

Hardware wallets allow for the offline storage of private cryptographic keys on an encrypted device. These wallets protect the data required for bitcoin transactions while enabling traders to safely view the private keys.

Hardware wallets are becoming in demand. Along with the rise in the number of people who own multiple cryptocurrencies, the need for wallets is also rising. The flexibility that these solutions offer compared to software, web wallets, and paper wallets is having an impact on the market's growth under review.

Due to growing investments in the industry under consideration, businesses are focusing on innovation with gadgets that handle several currencies and wireless technology.

The majority of well-known businesspeople and entrepreneurs are interested in combining hot and cold storage to get the best of both worlds. For instance, to make cold-storage bitcoin self-custody simpler, the bitcoin company Coinkite introduced Tapsigner in August 2022. The new product, which incorporates a secure element—the security chip used in hardware wallets—into an NFC card, has already started shipping to consumers.

The gadget is also priced at USD $40 and aims to be a more user-friendly Bitcoin-signing device to onboard a wider range of individuals globally onto more secure bitcoin self-custody settings. Compared to earlier hardware wallets, it more closely resembles a credit card. Coinkite's Tapsigner promises to bridge the gap between the worlds of hot and cold storage by providing a more user-friendly interface.

A major factor in the expansion of the regional hardware wallet industry is the rising number of startup businesses utilizing blockchain technology. Southeast Asia is home to more than 600 bitcoin or blockchain startups, according to a survey conducted by venture capital firm White Star Capital in June 2022. The research claims that firms in the cryptocurrency, blockchain, and web3 sectors have made a substantial contribution to the recent rise in venture capital funding in the area. In 2022, these firms raised about $1 billion in funding, and they are on pace to surpass the $1.45 billion total from 2021.

Major Players: Ledger SA,  CoolBitX,  Coinkite Inc, Satoshi Labs SRO, ShapeShift DAO

To Get The Market Report Click Here: HARDWARE WALLET MARKET


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