Hardware Wallets are going to Make Cryptocurrencies More Mainstream - Explore How

In the recent few years, the demand for digital currencies or cryptocurrencies has grown to a great extent indeed. A hardware wallet is a specifically designed cryptocurrency wallet which provides a secure storage of one’s confidential crypto information in encrypted hardware device. Trezor, Ledger etc. are few popular hardware wallets that are stored in a secured microcontroller and can’t be transferred out of the device. The technologies like near field communication and Bluetooth is used to connect the hardware wallet with electronic applications. This small, portable and plug-in device is especially known for allowing users to interact and work on multiple block chains at once while providing proper security and utility.

Square Inc., an American company, has lately decided to build a bitcoin hardware wallet and leading service in order to make bitcoin custody or cryptocurrency more mainstream. With the help of hardware wallet, the user can manage multiple accounts and can also access the cryptographic password in order to buy or sell crypto assets from anywhere.

Furthermore, this company is focusing on creating a new business that is committed to ‘decentralized finance’ or ‘DeFi’. This kind of application is based on smart contracts that are built on the Ethereum block chain and does not involve centralized authorities like banks & other third parties to perform transactions. DeFi application is beneficial for yield seekers as it offers financial transactions that are systematic, easily accessible and comparatively cheaper.

At the same time, Ledger, one of the best known companies of hardware wallet, is trying to stay competitive in the market by selling more than 3million devices this year and has secured more than 14% of all crypto assets. Ledger Live is an application that offers users to exchange, stake and lend their crypto in more than one way. This Ledger Live application is capable of providing an excellent security storage when connected with Ledger’s hardware wallet.

Likewise, several other financial and digital payment companies across the world have emerged to offer a growing demand for hardware wallet in order to protect their assets from online theft. Indiegogo, an online crowdfunding platform, has recently launched HooFoo, an app and hardware combined device that secures and simplifies transactions. Now, people across certain regions have also started to sell diamonds in cryptocurrency. According to a report published by Allied Market Research, the global hardware wallet market size is projected to reach $1.02 billion with a considerable CAGR from 2021-2028.

There are numerous factors like economic development, rise in number of investments in commercial & private sectors, international transactions that are witnessing exceptional popularity of cryptocurrency, which in turn, is increasing the global demand for hardware wallet. Also, software wallets, paper wallets and web wallets can usually be vulnerable as they lack in providing an enhanced and secured storage, which is why, the world is moving towards the usage of hardware wallet. With this drift on board, the global hardware wallet market is expected to gather exponential growth in the near future.

Author’s Bio - Suchita Gupta is an explorer, musician and content writer. While pursuing MBA, she found that nothing satisfies her more than writing on miscellaneous domains. She is a writer by day, and a reader by night. Besides, she can be found entertaining her audience on social media platforms. Find her on LinkedIn & Instagram.

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