According to native studies in South Korea, demand for hardware wallets is growing exponentially. The demand has stemmed from tried hacks final yr towards home buying and selling platforms like Upbit and Bithumb.
Regional Reports Detail South Korean Hardware Wallet Demand is Rising
South Korean cryptocurrency merchants want to keep their digital assets safer after a couple of scares from native exchanges in 2017. The cryptocurrency buying and selling platform Upbit, and Bithumb have been each focused final yr with makes an attempt at breaching the agency’s scorching wallets. Further, the current Coincheck trade hack in Japan has frightened South Koreans as properly, which has bolstered extra people to get their palms on some type of chilly storage.
Many cryptocurrency fanatics worldwide use chilly storage units like Trezor, Ledger, Bitbox, and Keepkey. However, South Koreans even have a couple of native decisions to select from in terms of hardware wallets and extra in the close to future. The chilly storage hardware producers promoting merchandise in South Korea or plan to launch this yr embrace Key Fair, Penta Security, Coldwelt, and Okay-Sine.
Two Local Choices
Key Fair’s CEO Lee Chang-keun has created the ‘Key Wallet Series’ that makes use of its personal developed algorithm tethered to a devoted safety chip. There are additionally options referred to as “Pro and Touch” which makes use of fingerprint recognition and NFC communications with smartphones. The Key Wallet can maintain a number of cryptocurrencies together with bitcoin core, ethereum, bitcoin money, sprint, ethereum basic, ripple, and litecoin.
Another firm providing chilly storage units in South Korea is Penta Security though the merchandise beta testing is because of end in June of this yr. Penta’s providing is a hardware pockets that resembles a bank card which makes use of superior key storage and presents a number of authentication options. This features a one-time-password, two-factor authentication and being tied to the consumer’s cellular gadget.
Two More Hardware Wallet Manufacturers Plan to Offer South Korean’s Cold Storage Products
Two different corporations planning to launch cryptocurrency hardware wallets to the Korean market consists of Kay Sine, and Coldwelt. Kay Sine’s subsidiary S-Tech Co., Ltd will launch the ‘Touch X-Wallet’ later this yr which makes use of biometric fingerprint authentication. It additionally offers an digital signature perform via BLE communication with a smartphone software.
The French firm, Coldwelt, may even be promoting its hardware pockets to Koreans later this yr with a tool that’s just like Ledger’s Nano S. According to Coldwelt, the product will maintain as much as 20 totally different cryptocurrencies.
What do you consider hardware pockets demand growing in South Korea? Let us know in the feedback under.
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Images by way of Shutterstock, Key Wallet, Touch X-Wallet, and the Penta Crypto Wallet.