Physical devices storing private keys for offline cryptocurrencies in an encrypted device is called Hardware wallets. For the protection of the market traders' wallet and keeping the information safe, private keys are enabled.

In December 2017, the market of cryptocurrency expanded, many traders gained interest and knowledge about the cryptocurrencies and started discovering them. There is an increase in demand for these hardware wallets that are produced by the companies.

The number of people is increasingly owning multiple currencies hence the wallet's demand increasing. Companies are more into innovating which are used to support multiple currencies and technologies as the investment is increasing. HooFoo, an app launched by Indiegogo, said to be the first app, a wallet of hardware combination. This is used to secure the transactions of cryptocurrency. For the safety of bitcoin wallets, many hacks are invented for digital currency.

Having concerns about increasing cyber crimes is posing challenges to the growth of the market. An example of that can be said that over 1 million data

bases and emails were hacked by some malicious character and leaked the same.

However, there is a positive influence on the bitcoin wallet of coronavirus pandemic. The demand for bitcoins has increased. Dematerialization of payments led to more attention to payment habits and the financial cycle in the corona pandemic.

The use of cryptocurrency is a secure, convenient, and quick way of payment even then its adoption to the real world is slow. They are used for the customer's privacy safeguard.

The trend of going digital and cashless is increasing, all around the world. The Asia Pacific is adopting hardware wallets at a fast-growing pace. The flexible use and storage of cryptocurrency are enabled in NFC technologies. It is often used in everyday purchases.

Crypto Business World

CBW - External Analyst

INDIA