The popular cryptocurrency hardware wallet manufacturer Ledger reportedly experienced a massive sales bump following Binance’s $40 million hack that resulted in the theft of 7,000 Bitcoin, according to Ledger CEO Pascal Gauthier who spoke at The Block’s Atomic Swap conference in New York on May 15.
While speaking to the audience, Gauthier said:
“Binance got hacked, and the day Binance got hacked, our sales doubled.”
The Importance of Securing Your Crypto
During the conference, Gauthier took his time on stage to preach about the importance of securing one’s crypto and proclaimed that security is crucial to the growth of optimism surrounding crypto. He added that holding your own private keys is critical to security, but crypto exchanges don’t feature this security:
“We at Ledger believe that there is not enough security to protect those cryptos. We think that it’s great technology, there’s probably one weakness which is the [securing] of the end point and the private keys.”
To this regard, the leading hardware wallet CEO proclaimed that at Ledger they are excited to build the security layer for the industry.
However, he also noted that the security industry is very stressful, because as the crypto market cap increases from a billion-dollar market to a trillion-dollar market, security becomes more challenging because there is more risk for theft.
Increased Hardware Wallet Sales
According to data and information from TokenInsight.com, an independent third-party blockchain and crypto data analytics organization, overseas hardware wallet sales have increased significantly.
Ledger’s hardware wallet sales doubled in the month of May and the overall interest in their products spiked dramatically.
As stated by TokenInsight:
“The official website traffic on the 9th of the month increased nearly 20 times compared with the average value of a week ago. The sales volume of the hardware wallet in the past 2 weeks was 3 times that of the usual; the sales volume of CoolWallet S in the last month increased by about 36%.”
All in all, this information goes to show that more and more users are choosing hardware wallets to protect their digital assets.
Do you use a hardware wallet to secure and store your crypto? If so which one do you use? Let us know in the comment section below.