By George Ward
According to Trezor, the latest interest in the company’s hardware wallet is due to FTX’s collapse. As a result, several crypto investors are trying to move their crypto funds off exchanges.
Following the FTX disaster, investors are rapidly turning to hardware cryptocurrency wallets. This is due to the rising worries circulating about centralized crypto exchanges.
Meanwhile, Trezor, a leading hardware wallet supplier, has seen a significant increase in wallet purchases. Earlier in the week, Josef Tetek, the company’s brand ambassador, confirmed that the company’s revenue has increased.
Tetek said Trezor’s sales income increased by 300% week after week. According to him, the present sales are far higher than last year when BTC reached an ATH of $68,000.
Furthermore, the platform’s website traffic climbed 350% during the same period, the executive added. The ambassador stated that Trezor is confident that the hike will continue.
Tetek noted that the now-bankrupt FTX played a considerable role in the recent increase. In addition, the ambassador said the surge in interest for Trezor wallets began early last week. This was when “rumors about FTX bankruptcy began to circulate.”
Interestingly, Trezor anticipates more rise in new customers in the coming years as the collapse of crypto intermediaries continues.
“We expect to record more interest in our product in short to medium term. Moreover, the FTX failure will continue to unravel. Hence, crypto investors will lose faith in custodians and begin to investigate other alternatives like self-custody of virtual assets,” Tetek explained.
Binance CEO Advises Crypto Investors To Embrace Self-Custody
Furthermore, Trezor assured crypto investors that the company could deal with the recent interest in hardware wallets. Tetek also noted that the company does not have plans to hike its hardware wallet prices.
In 2022, crypto investors started embracing self-custody for their digital assets. The methods available include the use of hardware or software wallets. However, November recorded the highest exchange crypto outflows this year.
Additionally, Ledger, a prominent competitor in the hardware wallet industry, has seen a massive demand increase lately. The French-based cold wallet service witnessed a busy period last week.
This was after FTX suspended crypto withdrawals. The incident prompted many crypto entrepreneurs to move their cash from centralized exchanges to cold wallets.
Following the FTX crisis, some big names in the crypto industry also promoted self-custody. Recently, Changpeng Zhao, the CEO of Binance, advised investors to move towards self-custodial solutions.
Zhao said that crypto investors could consider either software or hardware wallets. However, he remarked that this might eliminate the need for centralized exchanges.