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HomeBusinessDemand for hardware crypto wallets in Russia increased several times in March-April

Demand for hardware crypto wallets in Russia increased several times in March-April

The demand for hardware crypto wallets in Russia in March-April of this year increased several times. This was reported to Vedomosti by a representative of the Tangem wallet developer and confirmed by representatives of M.Video-Eldorado and Ozon.
Hardware crypto wallets are devices that generate secret keys and digital signatures of transactions offline, allowing you to conduct operations with cryptocurrency: buy, store or sell tokens. Most often they look like USB drives or, as in the case of Tangem, in the form of a plastic card.
According to M.Video-Eldorado, sales of such devices in the first quarter of 2022 increased eightfold compared to the fourth quarter of 2021. Demand peaked in March, when more affordable Tangem wallets appeared in the assortment. In the second quarter, demand continued to grow, rising by about a quarter compared to the first quarter.
Experts explain the surge in crypto wallets in the spring by the departure of IT specialists from Russia, and now – by a systemic problem with the withdrawal of currency from the Russian Federation.

“The timing of SWIFT transfers from Russia abroad has increased, commissions have grown, it has become more difficult to open an account in foreign banks, and this also applies to the EAEU countries. In such conditions, many are seriously considering withdrawing money through cryptocurrencies, especially to those countries where it is relatively legalized, for example, in the UAE,” said Mikhail Burmistrov, CEO of Info-analytics.

Despite the difficult and volatile situation on the crypto market, the demand for crypto wallets in Russia may continue to grow, the expert believes.

“If the March peak was associated with a mass exodus from the country, now there is a systemic problem with the withdrawal of currency from Russia. The terms for SWIFT transfers from Russia to abroad have increased, commissions have grown, it has become more difficult to open an account in foreign banks, and this also applies to the EAEU countries. In such conditions, many are seriously considering withdrawing money through cryptocurrencies, especially to those countries where it is relatively legalized, for example, in the UAE,” Burmistrov explained.
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