Demand for hardware wallets has increased exponentially in Russia – Bits Media

Russian users have become five to eight times more likely to buy hardware cryptocurrency wallets, according to data from the Vedomosti newspaper for March-April this year..

As representatives of the wallet developer Tangem told the publication, trading network "M.video-Eldorado" and the Ozon marketplace, The most popular devices were Ledger and Tangem. At the same time, Tangem wallets are presented in the form factor of a bank card, and Ledger looks like a USB drive.

According to Tangem representative, a significant increase in demand for the company’s devices since the beginning of the year is due to the fact, that the brand has introduced more accessible products.

The Ozon marketplace recognizes, that a significant increase in the range of hardware wallets has led to an increase in demand. In January, the number of titles increased by 7.7 times compared to December, and by June the figure had increased by another 6 times already compared to January. Currency restrictions also had an impact, imposed by the Bank of Russia against the backdrop of foreign sanctions.

The publication refers to the general director of the company “Infoline-analytics” Mikhail Burmistrov, which explained the surge in sales of cryptocurrency wallets also by the outflow of IT specialists from Russia. They bought cryptocurrencies and wallets to transport their savings.

Collapse of the Terra Ecosystem, Problems with lending service Celsius and other recent turmoil in the cryptocurrency market have led to an almost fivefold increase in demand for Ledger Enterprise devices worldwide.