Trezor reports 900% week-on-week sales growth
Ledger and Trezor are frequently mentioned in the hardware wallet business. Each has its advantages and disadvantages, which we’ve summarized in detail in our reviews. Ledger recently came out with the controversial optional Recovery feature. It has also added what is probably not the most appropriate communication. And the trust has clearly spilled over to the competition. Czech wallet maker Trezor has been on a roll lately.
The situation arose after the introduction of the Recovery system of competing Ledger wallets. This adds the optional option of backing up your seed to third-party apps. The option is worrying for some people, but according to the announcement, absolutely crucial for the widespread adoption of cryptocurrencies. Additionally, Ledger stressed in the communication that any hardware wallet is only as secure as its manufacturer makes it. At any time, the manufacturer can prepare firmware to make it easier to access sensitive information. He just doesn’t want to do it. But the communication alone seemed harsh to people on social media. Let alone the actual possibility of implementation. And obviously not just on social media. Trezor, the world’s number two cryptocurrency wallet, reports a 900% increase in week-over-week sales. Especially at a time when centralized exchanges are crashing and people are looking for security, hardware wallets are a highly valued commodity.
Ledger argues the demand from potential clients. For now, they have put the launch of the new feature on hold and decided to release the code as open source first. Clients will then be able to decide for themselves whether to activate the feature and whether it is dangerous for them. For some, losing access to their wallet without the ability to restore it can be a pretty solid block to cryptocurrency adoption. We’ll see if the new Recovery feature can bring sales back to Ledger or if they become a number two in the market.
Source, photo: theblock.co
Author of this article
WAS THIS ARTICLE HELPFUL?
Support us to keep up the good work and to provide you even better content. Your donations will be used to help students get access to quality content for free and pay our contributors’ salaries, who work hard to create this website content! Thank you for all your support!