Global Hardware Wallet Market Is Estimated To Witness High Growth Owing To Growing Investments

Hardware Wallet Market
Hardware Wallet Market

Overview:

Hardware wallets are a good choice for those looking to secure their crypto investments long-term by keeping private keys offline. Many of them also provide backup and recovery options in the event that the device is lost or stolen. This involves writing down a seed phrase on a piece of paper and using it to restore the wallet’s digital assets. Most hardware wallets are small, single-purpose devices that function as physical tokens of cryptocurrency. They have a microcontroller that generates the user’s private keys and keeps them offline. 

The device is secured with a PIN code and automatically erases after several failed access attempts, preventing theft through physical means. Users can also select and confirm transactions by pressing a physical button. Some of the more advanced models look more like touchscreen smartphones and even have a mobile app. When selecting a hardware wallet, it’s important to ensure that the manufacturer has a track record for quality and reliability.

Market Dynamics:

Increasing adoption of inorganic growth strategies are estimated to augment growth of the global Hardware Wallet Market during the forecast period. For instance, ShapeShift integrated the THORChain, in April 2021, this will enable direct trading of native Bitcoin (BTC) with Litecoin and Ethereum. ShapeShift’s mobile users can make cross-chain swaps. Moreover, rising government regulations against cryptocurrencies are anticipated to restrain growth of the global hardware wallet for market during the forecast period.

Impact of COVID-19:

The pandemic affected many sectors of the society. It had a significant impact on several sectors globally. Many manufacturing activities had to be halted owing to the strict restrictions imposed due to the pandemic. Many countries imposed these regulations for preventing spread of the virus. However, these regulations had a negative impact on the global economy. Many businesses faced challenges owing to these restrictions. During the pandemic it was noticed that the prices in the cryptocurrency market fluctuated. Thus, the pandemic had a negative impact on the growth of the global hardware wallet for market.

Key Takeaways:

The global Hardware Wallet Market is expected to witness robust growth, exhibiting CAGR of 24.9 % over the forecast period, due to rising partnerships among key players.

For instance, Coinbase and Ledger partnered up in February 2022, for creating a limited-edition hardware wallet with the Coinbase logo. Users will be able to store and exchange nonfungible tokens and cryptocurrencies using the noncustodial Coinbase Wallet plugin.

Asia-Pacific is anticipated to witness robust growth in the global hardware wallet for market during the forecast period, due to increasing surge in multiple cryptocurrencies and rising hardware wallet for market.

Key players active in the global Hardware Wallet Market are Sugi (zSofitto NV), ARCHOS, Shift Crypto AG, BitLox, ShapeShift, CoolBitX Technology Ltd., Satoshi Labs SRO, and ELLIPAL Limited.

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