Sales of hardware crypto wallets surge as centralized exchanges scramble

Hardware wallet providers are seeing increased revenue in this bear market as crypto investors withdraw assets from centralized exchanges.< /p> Analysis

Blockchain analytics firm Glassnode recently called the 2022 bear market the worst on record. This appears to be the case due to events such as the war in Ukraine and rising inflation coupled with serious issues among centralized crypto exchanges.

Still, the bear market has not had a negative impact on all players in the crypto ecosystem. Hardware wallet providers seem to benefit from the massive amount of crypto withdrawals from centralized exchanges.

Pascal Gauthier, CEO of crypto hardware wallet firm Ledger, told Cointelegraph that the company's revenue fell around 90% during the crypto winter of 2018, but that didn't change. been the case this year. He said:

"Each quarter we're making as much revenue as the whole of 2020, which was a really good year for Ledger. Right now, year over year, we're still up, which tells us that this bear market is different. It is not a true bear market, but rather a bear market for centralized value propositions."

To put that into perspective, Gauthier shared that the company has shipped the most units of Ledger hardware wallets to date following Coinbase's loss report, which further suggests that users are unprotected. in the event of bankruptcy. "We made $2 million in revenue per day after this report was published, but that was only a spike because nothing bad actually happened to Coinbase. People just realized that their crypto wasn't sure,” he said.

Gauthier explained that once Celsius froze user funds and rumors started circulating, Block...