In the rapidly evolving cryptocurrency landscape, investors’ safety is a primary concern. In the past few months, several exploitations, scams, and frauds in the crypto industry have resulted in losses of millions of dollars for investors. It is essential for investors to use a hardware crypto wallet because it operates offline and is highly secure.
Trezor’s new self-custody hardware wallets
Trezor, a major hardware crypto wallet company based in the Czech Republic, is celebrating its 10th anniversary by launching three self-custody products. These hardware wallets come with unique features that not only safeguard your holdings but are also easy to operate.
The three newly launched Trezor wallets are as follows:
- Trezor Safe 3: This new Trezor wallet supports more than 7,000 cryptocurrencies and is designed for beginners.
- Proprietary Private Key Backup Solutions: Trezor’s new wallet includes private key backup solutions, but it is exclusive.
- Bitcoin-Only Wallet: This Bitcoin-Only wallet is dedicated solely to Bitcoin.
Hardware wallets gain traction amid Crypto scam surge
This announcement comes on October 12, 2023, amid several ongoing exploitations over the past few weeks. However, in September 2023, there was a record loss of around $330 million in crypto due to the exploitations and scams, as reported by Todayq News.
In addition to Trezor, another hardware crypto wallet provider, Ledger, a French manufacturer, has collaborated with the payment giant PayPal to offer crypto investors a secure way to enter the cryptocurrency industry. In 2022, hardware crypto wallet sales skyrocketed due to exploitations and scams, and investors are becoming more aware of this new tool in the realm of cryptocurrency.
Earlier in 2021, the pro-Bitcoin figure Jack Dorsey announced that his company, Square, is planning to launch a hardware crypto wallet. However, only a prototype has been prepared so far. According to market research, the worldwide hardware crypto market industry was estimated to be worth $245 million, and it is expected to reach $3.6 billion by 2031.
