Wallets

Boom in Demand for Hardware Wallets in South Korea Amid Hacks and Threats

Recent reports in South Korea suggests that the demand for hardware wallet has seen an exponential growth in South Korea. The reason behind this increase is the attempted hacks which were made on the domestic trading platforms such as Bithumb and Upbit, last year.

Local Reports Show Growth in South Korea Hardware Wallet Demand

After the last year’s attempted thievery, cryptocurrency traders in South Korea are looking to keep their digital assets safe and secure. Last year, Bithumb and Upbit were targeted for wallet breach and the latest Coincheck exchange hack which occurred in Japan has further scared the South Koreans. As a result, more traders are opting to keep their digital assets stored in a form of cold storage.

Several cryptocurrency enthusiasts all over the world use hardware wallets like Ledger, Trezor, Keepkey, and Bitbox. However, South Koreans have further local cold storage devices to choose from which are bound to increase in the future as well. A few of the local storage devices which are being planned to be launched this year in South Korea include Penta Security, Coldwelt, Key Fair, and K-Sine.

Best Local Storage Alternatives

Lee Chang-keun, who is the CEO of Key Fair has launched a storage device called Key Fair Series which uses its own specially developed algorithm which is tied up to a devoted security chip.

Key Fair Series crypto wallet

In this device, you will find features like ‘Pro and Touch’ that utilizes the fingerprint recognition technology and the NFC communications in case of smartphones. The key wallet of this device can store several cryptocurrencies like Ethereum, Bitcoin Cash, Rippe, Litecoin, Dash, Bitcoin Core, and Ethereum Classic.

Another local company which is providing traders with a cold storage device is the Penta Security. This South Korean company will finish the beta testing of its products in June of this year after which this cold storage device will be made available to the public.

Penta Security

Penta Security is providing a hardware wallet which resembles the functionality of a credit card and employs the technology of advanced key storage to its users. It also offers multiple authentication features for added safety and security which includes two-factor authentication, tie-up to user’s mobile phone, and one-time-password.

The Upcoming Wallets

Apart from the above-mentioned companies, there are two other manufacturers who are planning to launch their hardware wallets to store cryptocurrency. These companies are Coldwelt and Kay Sine. A subsidiary of K-Sine, known as S-Tech Co. Ltd. is going to launch the ‘Touch X-Wallet’ this year which is said to use biometric fingerprint for authentication purposes. It will also use a BLE communication to the smartphone to offer an electronic signature feature to make it more secure to use.

Coldwelt is a French company which has planned to launch its hardware wallet in South Korea this year which is similar to the hardware wallet Ledge Nano S. As per Coldwelt, this hardware wallet will have the capability to store 20 types of cryptocurrencies at a time.

About the author

subhash

With over three years of experience in the field of cryptocurrencies, Subhash decided to put his knowledge and experience in front of thousands of people though Tokenradar24. You can connect with Subhash on LinkedIn and Twitter.

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