Trezor Announces 300% Increase in Revenue Due to FTX Contagion
The Hardware Wallet organization is convinced that the current surge in demand is the result of buyers rescuing their budget following of FTX failure.< /p>
Amid growing problems with centralized cryptocurrency exchanges in the wake of the FTX crisis, buyers are increasingly turning to hardware crypto wallets.
Essential hardware wallet company Trezor saw a surge in wallet revenue following the FTX contagion, brand ambassador Josef Tetek told Cointelegraph on Nov. 15.
Trezor saw revenue increase 300% week-over-week and it continues to grow, Tetek said, adding that peak revenue is better than a year ago as Bitcoin hit all-time highs< /a> at $68,000. Trezor also saw a surge in website traffic, which grew 350% over the same period, the executive said.
According to Tetek, Trezor is fully convinced that the surge in new pocket users is the end result of issues with FTX, a crypto exchange amid the modern corporate scandal involving the embezzlement of consumer finances. The spike in demand for Trezor wallets began early last week, precisely when “rumors of FTX insolvency started circulating,” Tetek said.
Trezor also expects an increase in new customers in the near future, as crypto middleman failure might just happen, Tetek suggested, mentioning:
“We expect this trend to continue in the short to medium term as the contagion of FTX failure continues to unfold and Bitcoin or cryptocurrency holders lose acceptance from custodians and eventually discover their options for self-custody of digital property."
According to the executive, Trezor is able to respond to peak call levels for a short to medium period. “Even if sales hold at these increased charges, we are confident that there will be a limited impact on our long-term inventory, as we already expect sales to increase,” Tetek said. He also noted that Trezor does not plan to increase the fees of its hardware wallets in accordance with its imagination and foresight to make "self-custody accessible to everyone".
Despite the spike in calls and the resulting boom in requests for help, Trezor still isn't planning to expand hiring. “We didn't have to scale down as we were prepared for a prolonged and deep bear market,” Tetek said, adding that Trezor currently employs a total of around 100 people working in more than one location, the most of them based in Prague. p>
Cryptocurrency traders have increasingly shifted to self-custody with software and hardware wallets, with mid-November 2022.
Ledger, one of the leading rival hardware pocket vendors, has also seen a surge in calls for its gadgets these days. The French cold storage company noticed one in all of its highest traffic days shortly after the remaining week, prompting inventors to dump their trade budgets into cold storage as quickly as possible.
Related:
Amid the continued FTX contagion, even some of the biggest crypto exchanges have started selling the need for self-custody. Binance CEO Changpeng Zhao admitted on Nov. 14 that because buyers might turn to self-custody solutions like hardware or software program wallets.
"If we can have a way to make it safe and easy for human beings to guard their own possessions, so that 99% of the global population can do it, centralized exchanges won't exist or maybe won't. be more must exist, which is great,” the CEO said.
The Hardware Wallet organization is convinced that the current surge in demand is the result of buyers rescuing their budget following of FTX failure.< /p>
Amid growing problems with centralized cryptocurrency exchanges in the wake of the FTX crisis, buyers are increasingly turning to hardware crypto wallets.
Essential hardware wallet company Trezor saw a surge in wallet revenue following the FTX contagion, brand ambassador Josef Tetek told Cointelegraph on Nov. 15.
Trezor saw revenue increase 300% week-over-week and it continues to grow, Tetek said, adding that peak revenue is better than a year ago as Bitcoin hit all-time highs< /a> at $68,000. Trezor also saw a surge in website traffic, which grew 350% over the same period, the executive said.
According to Tetek, Trezor is fully convinced that the surge in new pocket users is the end result of issues with FTX, a crypto exchange amid the modern corporate scandal involving the embezzlement of consumer finances. The spike in demand for Trezor wallets began early last week, precisely when “rumors of FTX insolvency started circulating,” Tetek said.
Trezor also expects an increase in new customers in the near future, as crypto middleman failure might just happen, Tetek suggested, mentioning:
“We expect this trend to continue in the short to medium term as the contagion of FTX failure continues to unfold and Bitcoin or cryptocurrency holders lose acceptance from custodians and eventually discover their options for self-custody of digital property."
According to the executive, Trezor is able to respond to peak call levels for a short to medium period. “Even if sales hold at these increased charges, we are confident that there will be a limited impact on our long-term inventory, as we already expect sales to increase,” Tetek said. He also noted that Trezor does not plan to increase the fees of its hardware wallets in accordance with its imagination and foresight to make "self-custody accessible to everyone".
Despite the spike in calls and the resulting boom in requests for help, Trezor still isn't planning to expand hiring. “We didn't have to scale down as we were prepared for a prolonged and deep bear market,” Tetek said, adding that Trezor currently employs a total of around 100 people working in more than one location, the most of them based in Prague. p>
Cryptocurrency traders have increasingly shifted to self-custody with software and hardware wallets, with mid-November 2022.
Ledger, one of the leading rival hardware pocket vendors, has also seen a surge in calls for its gadgets these days. The French cold storage company noticed one in all of its highest traffic days shortly after the remaining week, prompting inventors to dump their trade budgets into cold storage as quickly as possible.
Amid the continued FTX contagion, even some of the biggest crypto exchanges have started selling the need for self-custody. Binance CEO Changpeng Zhao admitted on Nov. 14 that because buyers might turn to self-custody solutions like hardware or software program wallets.
"If we can have a way to make it safe and easy for human beings to guard their own possessions, so that 99% of the global population can do it, centralized exchanges won't exist or maybe won't. be more must exist, which is great,” the CEO said.
The Hardware Wallet organization is convinced that the current surge in demand is the result of buyers rescuing their budget following of FTX failure.< /p>
Amid growing problems with centralized cryptocurrency exchanges in the wake of the FTX crisis, buyers are increasingly turning to hardware crypto wallets.
Essential hardware wallet company Trezor saw a surge in wallet revenue following the FTX contagion, brand ambassador Josef Tetek told Cointelegraph on Nov. 15.
Trezor saw revenue increase 300% week-over-week and it continues to grow, Tetek said, adding that peak revenue is better than a year ago as Bitcoin hit all-time highs< /a> at $68,000. Trezor also saw a surge in website traffic, which grew 350% over the same period, the executive said.
According to Tetek, Trezor is fully convinced that the surge in new pocket users is the end result of issues with FTX, a crypto exchange amid the modern corporate scandal involving the embezzlement of consumer finances. The spike in demand for Trezor wallets began early last week, precisely when “rumors of FTX insolvency started circulating,” Tetek said.
Trezor also expects an increase in new customers in the near future, as crypto middleman failure might just happen, Tetek suggested, mentioning:
“We expect this trend to continue in the short to medium term as the contagion of FTX failure continues to unfold and Bitcoin or cryptocurrency holders lose acceptance from custodians and eventually discover their options for self-custody of digital property."
According to the executive, Trezor is able to respond to peak call levels for a short to medium period. “Even if sales hold at these increased charges, we are confident that there will be a limited impact on our long-term inventory, as we already expect sales to increase,” Tetek said. He also noted that Trezor does not plan to increase the fees of its hardware wallets in accordance with its imagination and foresight to make "self-custody accessible to everyone".
Despite the spike in calls and the resulting boom in requests for help, Trezor still isn't planning to expand hiring. “We didn't have to scale down as we were prepared for a prolonged and deep bear market,” Tetek said, adding that Trezor currently employs a total of around 100 people working in more than one location, the most of them based in Prague. p>
Cryptocurrency traders have increasingly shifted to self-custody with software and hardware wallets, with mid-November 2022.
Ledger, one of the leading rival hardware pocket vendors, has also seen a surge in calls for its gadgets these days. The French cold storage company noticed one in all of its highest traffic days shortly after the remaining week, prompting inventors to dump their trade budgets into cold storage as quickly as possible.
Amid the continued FTX contagion, even some of the biggest crypto exchanges have started selling the need for self-custody. Binance CEO Changpeng Zhao admitted on Nov. 14 that because buyers might turn to self-custody solutions like hardware or software program wallets.
"If we can have a way to make it safe and easy for human beings to guard their own possessions, so that 99% of the global population can do it, centralized exchanges won't exist or maybe won't. be more must exist, which is great,” the CEO said.
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