In Russia, the demand for hardware (on a physical medium) crypto wallets has decreased, which were actively bought up in the spring after the introduction of restrictions on the transfer of currency by the Central Bank, writes “Kommersant”. Experts note an overabundance of these products in the warehouses of retailers who have reduced their prices by several times.
According to the Moneyplace marketplace analytics service, the peak of sales of crypto wallets from Ozon and Wildberries occurred in May, reaching a record value of 16.5 million rubles, after which their sales more than halved, dropping below the mark of 8 million rubles. Demand decline data was confirmed by Ozon, noting that May and June demand has stabilized, exceeding the figures at the beginning of the year.
The decrease in the cost of crypto wallets was also reflected in sales volumes, both against the backdrop of reduced demand and stabilization of the dollar. According to Moneyplace, from April to September, the average price of Safepal devices fell three times, Ledger and Trezor – twice, Tangem – by a quarter. If in April the average price of a crypto wallet reached 19 thousand rubles, now this figure is 3–8 thousand rubles.
Roman Nekrasov, co-founder of the ENCRY Foundation, explained the drop in demand for crypto wallets in Russia by the fact that the Central Bank was systematically easing restrictions on cross-border currency transfers, adding that “those who wanted to transfer assets abroad most likely have already done so.” Nekrasov expressed the opinion that buying a hardware crypto wallet, also called “cold”, only makes sense for storing large amounts. Even for $5,000-15,000, “it doesn’t make much sense to bother with a purchase,” he believes, advising to simply register a p2p account with Binance for these purposes.
Sergey Mendeleev, Executive Director of InDeFi Smart Bank, noted that cases with the sale of “broken” devices contributed to the drop in demand for wallets in Russian stores, due to which some users lost “quite significant funds.”
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