In the wake of the collapse of FTX, cryptocurrency users are beginning to explore the use of hardware wallets to store and protect their crypto funds. The rising popularity of decentralized finance (DeFi) applications is making hardware wallets increasingly attractive for users who are looking for a more secure and user-friendly solution than traditional custodial wallets.
In addition, the recent surge in the price of Bitcoin has created a new wave of investors who are looking to get into the market. Many of these new investors are choosing to invest in hardware wallets as a way to secure their funds. This is because hardware wallets provide a secure way to store their funds, and they are also easier to use than some of the more complex software wallets.
IMARC Group posted an analysis article back in 2021 predicting that the market is expected to reach a value of US$ 1,148.50 Million by 2027 exhibiting a growth rate (CAGR) of 27.20% during 2022-2027. Given that they couldn’t have predicted the FTX drama, no one will be surprised to see if the numbers are doubled or tripled.
A hardware wallet is a device that stores digital currencies, typically offline. It provides a way to store private keys offline, away from the internet and potential cybercrime. The hardware wallet is also typically connected to a computer, allowing users to easily and securely interact with their digital assets.
Hardware wallets are available from several different companies such as Ledger and MetaMask. Ledger offers a range of different hardware wallets, from the entry-level Nano S to the more advanced Ledger Nano X. Meanwhile, MetaMask provides a bridge between traditional web browsers and decentralized applications, allowing users to store and interact with Ethereum-based tokens and decentralized applications.
However, following the recent events in the space, SafePal can be a good choice for a cryptocurrency wallet to secure, manage, and grow your crypto assets. Following the FTX collapse, the Wallet tokens saw a price surge.
The hardware wallet offers such features as backup, restore, and anti-tampering that help users to have control over their funds.
So far, the statistics appear to suggest that the popularity of hardware wallets has been significantly affected by the FTX incident. According to a Similar Web blog post, there are two key takeaways:
Daily visits to the website of Ledger, one of the leading makers of hardware wallets (which can also function as cold wallets), have tripled in the days following FTX’s adverse publicity, freezing of withdrawals, and subsequent bankruptcy filing.
Over the past month, search activity related to crypto wallets in general, and hardware / cold wallets, in particular, has increased dramatically (see charts below).
Overall, hardware wallets are becoming increasingly popular as a secure and user-friendly way to store digital currencies. As the crypto space continues to expand, hardware wallets are becoming an increasingly attractive option for users looking for a secure and user-friendly way to store and interact with their digital assets.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
I’m a content writer and editor with extensive experience creating high-quality content across a range of industries. Currently, I serve as the Editor-in-Chief at Coinspeaker, where I lead content strategy, oversee editorial workflows, and ensure that every piece meets the highest standards. In this role, I collaborate closely with writers, researchers, and industry experts to deliver content that not only informs and educates but also sparks meaningful discussion around innovation.
Much of my work focuses on blockchain, cryptocurrencies, artificial intelligence, and software development, where I bring together editorial expertise, subject knowledge, and leadership experience to shape meaningful conversations about technology and its real-world impact. I’m particularly passionate about exploring how emerging technologies intersect with business, society, and everyday life. Whether I’m writing about decentralized finance, AI applications, or the latest in software development, my goal is always to make complex subjects accessible, relevant, and valuable to readers.
My academic background has played an important role in shaping my approach to content. I studied Intercultural Communications, PR, and Translation at Minsk State Linguistic University, and later pursued a Master’s degree in Economics and Management at the Belarusian State Economic University. The combination of linguistic, communication, and business training has given me the ability to translate complex technical and economic concepts into clear, engaging narratives for diverse audiences.
Over the years, my articles have been featured on a variety of platforms. In addition to contributing to company blogs—primarily for software development agencies—my work has appeared in well-regarded outlets such as SwissCognitive, HackerNoon, Tech Company News, and SmallBizClub, among others.
