3 years ago
Hardware crypto wallet Arculus volition assistance its proprietor CompoSecure’s (CMPO) gross arsenic it seeks to summation crushed connected acold retention competitors specified arsenic Ledger and Trezor, Needham equity probe expert John Todaro told clients successful a enactment Friday.
Cold retention is simply a mode of holding cryptocurrency tokens offline alternatively than connected an exchange.
Todaro sees Arculus becoming 1 of the apical 3 largest crypto hardware wallet providers by the extremity of this year, and expects continued worldly gross maturation from this conception passim 2023.
CompoSecure could merchantability 160,000 Arculus units this twelvemonth and 840,000 units successful 2023, estimates Todaro. While Ledger and Trezor volition merchantability much wallets implicit those years acknowledgment to lawsuit “stickiness,” Todaro thinks the speediest maturation volition beryllium successful Arculus.
Todaro and squad spot continued maturation successful backstage custody, expecting a 6.4% three-year compounded maturation complaint for bitcoin (BTC) addresses, and a 32.4% maturation complaint for Ethereum-based addresses.
Todaro initiated CompoSecure with a bargain standing and $14 terms target, suggesting much than 80% upside from existent levels. Shares are down astir 7% truthful acold successful 2022.
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Michael Bellusci is CoinDesk's crypto payments reporter.
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