Hardware Wallet Market, By Wallet Type (Hot Wallet and Cold Wallet), By Connection Type (Near-field Communication, Bluetooth, and USB), By End User (Commercial and Individual), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Jun 2024

Code : CMI5101

Pages :161

Formats :

Excel and PDF

Industry : Semiconductors

Market Concentration and Competitive Landscape

Hardware Wallet Market Concentration By Players

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Preference for non-custodial, personally controlled key storage

Another driver strengthening the hardware wallet industry is the general preference among experienced cryptocurrency owners for non-custodial personally controlled storage of private keys rather than leaving them with exchanges or other custodial services. Major exchange hacks and thefts in the past have demonstrated the risks of these custodial solutions, with investors standing to lose all their funds if the exchange is compromised. Hardware wallets solve this issue of counterparty risk by allowing users to retain full ownership of their private keys without reliance on third parties that could be hacked or go bankrupt.

The self-sovereignty offered by hardware wallets closely matches the political economy values around decentralization and censorship-resistance that initially drove the creation of Bitcoin. As the community has matured, these principles of personal control over assets have grown in importance.

In December 2023, Block Inc. which is a fintech company, launched Bitkey, a self-custody Bitcoin wallet available in India and 94 other countries. Bitkey provides investors with a comprehensive solution for owning, managing, and storing Bitcoin off exchanges, incorporating a mobile app, hardware device, and recovery tools utilizing three keys for enhanced security.

Key Players Insights