Recent reports have shown that hardware wallet demand and sales have skyrocketed in Russia. Due to the economic restrictions arising from foreign sanctions on Russia because of the country’s invasion of Ukraine, many people living in Russia have turned to cryptocurrency as a financial solution because of its decentralization and it’s anonymity.

Hardware wallets are the safest and the most cost-effective way to store cryptocurrency and digital collectibles. This small-sized technology has become very popular among crypto asset holders in recent years because of their assured safety, cheap prices and small size for easy mobility These characteristics are the reason people living in war-embroiled Russia have embraced hardware wallets as the solution to keeping, storing and moving their finances.

These hardware wallets have seen a massive skyrocket of purchase in Russia over the past few months. Russian cryptorians have purchased eight times more hardware wallets between March-June 2022 than since the inception of hardware wallets till March.

Retailers of the Tangem wallet developer have reported that they have seen an eight-fold annual increase just in the first quarter of the year 2022 alone. Ledger (widely recognized as the safest and the most astute hardware wallet in the world) and Tangem have been the most sought-after brand by Russian cryptorians since the economic sanctions began.

Tangem says however that the spike in demand for hardware wallets is partially because the company has introduced more pocket-friendly products to the hardware wallet market. Ozon marketplace have also suggested that another reason for the spike is the increase in range of hardware wallet products.

In January, there was a seven-fold increase in the range of registered hardware wallet products and by June, stocks were six times higher than in January. Infoline-analytics CEO, Mikhail Burmistrov also said that the hardware wallet spike was also because of the increasing emigration of IT specialists from Russia. They transferred their finances to cryptocurrency and needed the hardware wallets to take their finances with them abroad.

Featured image source: The Cryptonomist