During the projection period of 2021-2031, the crypto wallets market is predicted to increase at a CAGR of 29.5 percent. Crypto wallets, also known as hardware wallets, are wallets that keep the user’s private keys safe and secure on a hardware device. On the blockchain network, a private key is a sensitive information that is used to allow outgoing transactions.
The hardware wallet, which runs on open-source software, allows users to verify the device’s full functionality. It connects to electronic applications using Bluetooth and near-field communication technologies. Due to the increased demand for cryptocurrencies for trade, the devices are primarily employed at the commercial level.
What is Driving Crypto Wallet Demand?
The crypto wallet market is expected to increase significantly over the projection period, owing to the growing need for distributed ledger technology’s high transparency in the commercial sector. These wallets are also equipped with a better hacked and theft-proof module, making them impregnable to any prospective threats.
Thus, in comparison to paper wallets, software wallets, and web wallets, the greater security provided by such devices is expected to be a supporting factor favorably affecting the market growth in the next years.
Who are the Leading Crypto Wallet Manufacturers and Suppliers?
The following are some of the most well-known producers of cryptocurrency wallets.
- CoolBitX Technology Ltd.
- ELLIPAL Limited
- OPOLO SARL
- Ledger SAS