As policy-makers announce fresh currency restrictions due to western sanctions, Russians’ demand for hardware crypto wallets increases. Russia’s demand for security-centric hardware crypto wallets, like Ledger and Tangem, rose 8-fold in March-April 2022, per the daily Vedomosti.
Reports affirm sales of Ledger, a secure hardware wallet, and Tangem, one of the safest hardware crypto wallets, are zooming.
Russian retailer M.video-Eldorado’s hardware crypto wallet selling journey began in the autumn of 2021. Ever since it has recorded an annual 8-fold hardware crypto wallet sales increase up until Q1 2022. March 2022 was the peak of its hardware crypto wallet sales in Russia, per reports.
According to Tangem, the availability of cost-effective devices is one of the factors boosting a recent spike in business of its crypto wallet devices.
Ozon states the presence of a variety of products in its marketplace is the reason behind fuelling the crypto wallets’ demand. While in January it registered a 7-fold increase in the range of crypto wallets, in June, a six-times higher variety of the products were available.
Furthermore, reports also convey that the crashing cryptocurrency market plus the recent Terra and Celsius debacles, have increased the Ledger wallet demand.
Also read: New Bill Imposes Fine on Illegally Issued Digital Assets in Russia
The surge in wallet sales, according to Infoline-analytics CEO Mikhail Burmistrov, might also be ascribed to the migration of IT specialists from the Russian Federation. “They acquired hardware wallets and cryptocurrency to send their savings abroad,” said the CEO.
