Blockchain analysis firm Glassnode recently characterized the 2022 bear market as the worst on record. This seems to be the case due to events such as the war in Ukraine and rising inflation, coupled with serious problems among centralized crypto exchanges. Yet, the bear market hasn’t negatively impacted all players in the crypto ecosystem. Hardware wallet providers seem to be benefiting from the massive amount of crypto withdrawals from centralized exchanges.
Fortunately, as more crypto investors migrate to hardware wallets, a number of providers have started putting a large emphasis on user education. Adam Lowe, creator of Arculus — a cold storage wallet solution — told Cointelegraph that it’s become clear that there are strong tailwinds driving the need for hardware wallets.
Given this, he believes that first-time crypto users should evaluate hardware wallets based on best-in-class security features and ease of use. “If it looks too complicated to use, you will either stop using it or worse, lose access to your crypto,” he said. In order to help users navigate this, Lowe mentioned that Arculus features an extensive FAQ page, along with how-to-videos to help users get started.
Risks aside, the phrase “Not your keys, not your coins” has become more apparent to the crypto community than ever before. “The current challenges of accessing crypto on exchanges highlight the need for secure ownership of your private keys,” Lowe emphasized.
As a result, hardware wallet providers are preparing to accommodate a sudden surge in users. In order to do so, many are developing new products while ensuring that existing features meet market demands. For example, Lowe shared that Arculus recently announced NFT support and WalletConnect integration, allowing consumers the ability to browse NFTs and DApps all within the Arculus ecosystem.
Read the full article: Hardware crypto wallet sales increase as centralized exchanges scramble
