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DUBLIN, January 24, 2023 /PRNewswire/ — “United States Hardware Wallet Market by Type (Hot Wallet and Cold Wallet), by Connection Type (Near Field Communication, USB and Bluetooth), by Distribution Channel, by End User, by End-Use Industry, by Region, Competitive Forecast and Opportunities, 2028” report has been added ResearchAndMarkets.com by offering.
The Hardware Wallet market in the United States is expected to grow by double digits CAGR 26.5%, and the demand for highly transparent distributed ledger technology in the commercial sector fueled the market growth.
In addition, the development of new technologies has increased throughout digital currency or cryptocurrency the market is expected to contribute to the growth of the market. Also, the massive increase in investment in cryptocurrency-enabled devices is expected to boost the growth of the hardware wallet market.
In addition, government programs are officially implemented and regulated cryptocurrency systems are also emerging in their commercial field. United States is a pioneer in creating a legal and regulatory framework to govern cryptocurrencies nationwide, which is also expected to provide a significant opportunity to expand the hardware wallet market in this country.
A hardware wallet is one of the critical parts of a blockchain database designed to store a user’s private keys in a secure wallet. This wallet is immune to computer viruses that steal your coins and crypto information.
Increased Cryptocurrency Investments
Investments in cryptocurrencies have increased as a result of the sudden rise Bitcoinvalue. Due to the widespread adoption of cryptocurrencies by major players such as PayPal and Xbox, Bitcoin is the most valuable cryptocurrency with a market value of billions of dollars.
In addition, the second largest cryptocurrency, Ethereum, has grown 750% since 2020. As a result, increased demand for cryptocurrencies is driving the market for hardware wallets that allow merchants to securely store their keys while protecting their personal information. Together, these elements are expected to provide profitable opportunities for hardware wallet expansion in the coming years.
A growing focus on security
Users embrace the technology because it provides security for private key management. The need for hardware wallets is expected to grow in the coming years due to increased security awareness and proper secret key storage practices.
Additionally, 66.30 percent of remote cyber attacks are considered dominant when it comes to the largest attacks observed cryptoAccording to Trezor. The main goal of a hardware wallet has always been to protect users and their money from malware, computer viruses and other remote threats.
The result is cold storage – i.e. storage Bitcoin values in a hardware wallet – is the preferred way to protect a Bitcoin wallet because it is less vulnerable to hacking. This will contribute to the growth of the US hardware wallet market.
Rules Against Cryptocurrencies
In the United States, the Internal Revenue Service (IRS) now requires reporting of profits from virtual currency, and the US Commodity Futures Trading Commission (CFTC) has defined Bitcoin to be a commodity.
The market for hardware wallets is expected to be limited due to the already existing regulations against cryptocurrencies, which is hindering the growth of the market. United States hardware wallet market.
Market players
ARCHOS SA in the category Cryptocurrencies Hardware Wallets offers ARCHOS Safe-T mini and ARCHOS Safe-T touch devices as hardware wallets.
Ledger SAS offers hardware wallets such as Ledger Nano X, Ledger Nano S, SatoshiLabs Group offers Trezor is a company brand that has Model One and Model T devices as a hardware wallet. KeepKey, LLC offers a hardware wallet for cryptocurrencies that supports more than 40 different ones crypto property. SecuX Technology Inc offers the V20 hardware wallet.
Coolbitx Technology LTD. the segment develops and offers hardware wallets under the CoolWallet brand for the consumer market, as well as complete KYC solutions for virtual asset service providers (VASPs).
Recent Events:
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Starting with December 2019For distribution of ARCHOS SAFE-T hardware Bitcoin wallets and blockchain-secured solutions United StatesARCHOS partnered with Blockchain Foundry Inc., a leading developer of blockchain-based business solutions and consulting services.
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Starting with December 2021To offer consumers a whole new level of protection, Ledger partnered with Samsung, a major player in the consumer electronics industry, to connect its smartphones Bitcoin wallet for Ledger storage devices.
Market dynamics
Drivers
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Increasing investments cryptocurrency based devices
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Technical development to strengthen the security of the hardware wallet
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Transparency of distributed ledger technology
The challenges
Market trends and development
The main players
Scope of the report:
United States Hardware Wallet Market, by Type
US hardware wallet market, by connection type
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Near Field Communication
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USB
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Bluetooth
US Hardware Wallet Market, by Distribution Channel:
US Hardware Wallet Market, End User:
US hardware wallet market by end-use:
US hardware wallet market, by region:
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Northeastern
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South
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westward
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Midwest
For more information on this report, visit https://www.researchandmarkets.com/r/udtpnp
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