CryptoWallCity vs MEXC Exchange

Demand for crypto cold wallets in Russia increased 8 times

Cryptocurrency users in Russia sought to buy hardware wallets eight times more between March and April 2022, according to a representative of wallet developer Tangem.

Hardware wallets designed to securely store cryptocurrencies have seen several-fold increases in Russia, while currency restrictions were imposed because of foreign sanctions.

Ledger and Tangem are the most popular brands among Russian customers.

The wallet retailer has observed a marked growth in demand for these devices – their sales increased eightfold in the first quarter.

According to Tangem, the increase in demand for its devices since the beginning of the year is partly due to the company launching more affordable products.

Ozon also acknowledges that a greater variety of products has contributed to the spike in demand. In January, the number of goods registered increased sevenfold, and in June, the inventory was six times higher than in January.

Currency restrictions imposed by the Bank of Russia amid the effect of Western financial sanctions.

Infoline-analytics CEO Mikhail Burmistrov explained that the increase in wallet sales can also be attributed to IT professionals from the Russian Federation leaving the country.

He added that they bought cryptocurrencies and hardware wallets to transfer their savings abroad.

The collapse of the Terra ecosystem, and the problems at Celsius, have resulted in a nearly 5-fold increase in the global demand for Ledger wallets.