On the back of foreign sanctions and currency restrictions, Russian hardware wallets for securely storing cryptocurrency saw a multifold rise this spring. According to a report by media, Tangem was the most in-demand product on the Russian market.
Russians buy more hardware Crypto Wallets and Market Players
Russian crypto users have sought to purchase up to eight times more hardware wallets in March – April 2022 over previous periods, the daily Vedomosti reported, quoting representatives of the Tangem wallet developer, the retail chain M.video-Eldorado, and the Ozon marketplace.
According to the article, Ledger sells wallets that resemble a USB stick and Tangem which are made for the size of a credit card.
In the autumn of 2021, M.video Eldorado began selling cryptocurrency wallets. The current offerings include a single currency and a multicurrency Tangem, as well as a Ledger. In 2022, the retailer observed a marked growth in the demand for these devices — their sales saw an eight-fold annual increase in the first quarter.
Tangem claims that there has been a significant rise in the demand for their devices over the past year partly due to more affordable products being introduced to the market. According to the chain, M.video Eldorado’s demand reached its peak in March when it first introduced them,
Ozon acknowledged, too that there has been a greater variety of products contributing to this spike in demand. Bits.media reported that January saw a sevenfold increase in available items and June’s stock was six times more than January. The online marketplace reported that currency restrictions by the Bank of Russia in the face of Western financial sanctions had had an impact.
Vedomosti cited Mikhail Burmistrov as the CEO of Infoline Analytics. This explained why the rise in wallet sales could also be due to the influx of IT specialists from Russia. To transfer their money abroad, they purchased hardware wallets as well as cryptocurrencies.
Further, it is noted that recent market turmoil, collapse of Terra and problems with crypto lenders like Celsius have resulted in a nearly fivefold rise in global demand for Ledger wallets.
Know of any crypto-related products in growing demand? We’d love to hear from you in the comment section.
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