Interest in hardware wallets allowing cold storage of cryptocurrencies is decreasing among Russian users after this year’s surge that followed the invasion of Ukraine. The sale volumes for these devices have almost halved, according to a report quoting leading marketplaces.
Russians’ Demand for Cold Storage Wallets Cools Down After Spike This Spring
Retailers selling hardware cryptocurrency wallets in Russia are now overstocked, market participants have told the leading Russian business daily Kommersant. That’s after earlier this year these products saw an explosive demand after Moscow’s decision to militarily intervene in neighboring Ukraine.
In the spring months, many Russians sought to acquire a cold storage device for their crypto assets, amid expanding sanctions over the Ukraine conflict and currency restrictions imposed by the Bank of Russia.