Trezor reports 300% surge in sales revenue due to FTX contagion

Amid increasing concerns implicit centralized cryptocurrency exchanges successful the aftermath of the FTX crisis, investors are progressively moving to hardware crypto wallets.

A large hardware wallet provider, Trezor, has recorded a large uptick successful wallet income successful the aftermath of the FTX contagion, the firm’s marque ambassador Josef Tetek told Cointelegraph connected Nov. 15.

Trezor saw its income gross surging 300% week-on-week and it’s inactive growing, Tetek reported. The level has besides recorded a important spike successful its website traffic, which accrued 350% implicit the aforesaid period, the exec noted.

According to Tetek, Trezor is rather definite that the uptick successful caller wallet users was a effect of issues of FTX, a crypto speech astatine the halfway of the latest manufacture ungraded involving the misappropriation of idiosyncratic funds. The spike successful request for Trezor wallets started aboriginal past week, precisely erstwhile “rumors of the FTX insolvency started circulating,” Tetek reported.

Trezor expects further maturation successful caller users successful the adjacent aboriginal arsenic the nonaccomplishment of middlemen successful crypto would lone proceed to unfold, Tetek suggested, stating:

“We expect this inclination to proceed successful the abbreviated to mid term, arsenic the contagion of FTX nonaccomplishment continues to unwind and Bitcoin oregon cryptocurrency holders suffer spot successful custodians and yet commencement to research their options to self-custody their integer assets.”

Cryptocurrency investors person been progressively moving to self-custody with bundle and hardware wallets, with exchange outflows nearing all-time highs by mid-November 2022.

Ledger, a large rival hardware wallet supplier, has recorded a important surge successful request for its devices precocious arsenic well. The French acold wallet steadfast saw 1 of its highest postulation days ever soon aft FTX stopped each crypto withdrawals past week, triggering inventors to offload their funds from exchanges to acold retention arsenic soon arsenic possible.

Related: CZ and Saylor impulse for crypto self-custody amid expanding uncertainty

Amid the ongoing FTX contagion, adjacent immoderate of the biggest crypto exchanges started promoting the request of self-custody. Binance CEO Changpeng Zhao admitted connected Nov. 14 that centralized exchanges whitethorn nary longer beryllium necessary arsenic investors would displacement to self-custodial solutions similar hardware oregon bundle wallets.

“If we tin person a mode to let radical to clasp their ain assets successful their ain custody securely and easily, that 99% of the wide colonisation tin bash it, centralized exchanges volition not beryllium oregon astir apt don't request to exist, which is great,” the CEO said.