It seems that Russian users’ interest in hardware crypto wallets is decreasing. Indeed, the sales volumes of these wallets allowing cold storage are almost halving, according to a report. This comes after this year’s crisis following the invasion in Ukraine.
Demand for hardware crypto wallets is falling
According to traders on the Russian business daily, Kommersant, sellers of crypto hardware wallets are currently experiencing overstocking. It was at the start of the year that crypto wallets saw explosive demand. This, after Moscow’s decision to intervene militarily in Ukraine.
It was in the spring that the demand from Russians for crypto wallets allowing cold storage exploded. This is due to currency restrictions imposed by the Bank of Russia. Because of the various sanctions regarding the war in Ukraine, Russian users also want to secure their digital assets in hardware wallets.
However, demand from Russians for these hardware crypto wallets decreased significantly in August. Indeed, sales of such wallets were 16.5 million rubles in May. In August, this figure halved: 8 million rubles according to statistics compiled by Moneyplace.
The founder of ENCRY, Roman Nekrasov, discusses the main cause of this drop in sales. According to this expert, this drop was due to the easing of foreign exchange restrictions by the Central Bank of Russia.
But not only that, the falling cost of crypto wallets has also affected sales volumes. According to Moneyplace estimates, the price of several crypto wallets fell between April and September. Among these wallets, we can mention Safepal which saw the average price of these products decrease three times. Ledger and Trezor, meanwhile, saw a double decline, while Tangem fell 15%. Wildberries confirms this trend.
According to the report, citing Pavel Ganin, current Russian law is in no way responsible for this drop in sales. Indeed, the use of crypto wallets is not prohibited in Russia. By the way, there is no comprehensive regulation for crypto in this country yet. Aaron Chomsky believes that as crypto markets improve in the future, the demand for hardware wallets may increase again.
It is true that the current crypto market situation breeds pessimism in many people. But, does sales of crypto wallets in Russia could again increase with the recovery of this market? It is possible !
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