Hardware Wallet Demand in South Korea Grows Exponentially

    0
    1727

    According to recent reports from South Korea, there has been an exponential rise in the demand for hardware wallets. The rise in demand is as a result of attempted hacks which were reported last year against local trading platforms like Bithumb and Upbit.

    Following the incidences, many traders from South Korea are working on keeping their digital assets much safer. Last year’s hacking attempts mainly targeted Bithumb and Upbit trading platforms. Additionally, the recent hack of the Coincheck exchange from Japan was led to fear in the South Korean digital market as well. Many traders are turning to cold storage so as to boost the security and ensure financial security.

    Many digital currency traders use cold storage gadgets like Keepkey, Bitbox, Ledger and Trezor. South Koreans also have some few choices when it comes selecting hardware wallets and more are expected to come up in the near future. Some of the producers of cold storage hardware in South Korea include K-Sine, Coldwelt, Penta Security and Key Fair.

    Two Local Choices

    Lee Chang-keun, the CEO of Key Fair has launched the ‘Key Wallet Series’ that has its own developed algorithm tethered with a dedicated security chip. It also has the “Pro and Touch” feature that uses fingerprint recognition as well as NFC communications using smartphones. The Key Wallet is able to hold several cryptocurrencies including litecoin, ripple, ethereum classic, dash, bitcoin cash, ethereum and bitcoin core.

    Penta Security is another South Korean company that offers cold storage devices. The company’s products are however expected to go through testing in June this year. The hardware wallet offered by Penta is in the form of a credit card, which comes with advanced key storage and has several authentication features.

    Two More Hardware Wallet Manufacturers planning to launch Cold Storage Products

    Two companies are at advanced stages of launching cryptocurrency hardware wallets into the market. These companies are Coldwelt and Kay Sine. S-Tech Co., Ltd, which is a subsidiary of Kay Sine is expected to ‘Touch X-Wallet’ sometime this year. This wallet uses biometric fingerprint authentication. Coldwelt, which is a French company intends to start selling its hardware wallet in south Korea before the end of this year.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here