Hardware Wallet Demand in South Korea Grows Exponentially

There is a sudden surge in the demand for hardware wallets in South Korea. The cause of the rise in demand was when the hack incident happened last year in local cryptocurrency exchange platforms like Upbit and Bithumb.

People are more cautious about the cryptocurrency trading, after few scams which scared the local exchanges in the year 2017. Upbit and Bithumb, cryptocurrency trading platforms were the primal focus with seeking a loop to breach the firm’s hot wallets. Additionally, the recent hack in Japan’s leading cryptocurrency exchange, Coincheck has scared the South Koreans, which has fortified their individual accounts by obtaining cold storage.Cryptocurrency geeks worldwide use cold storage devices like Trezor, Ledger, Bitbox, and Keepkey. Although South Koreans have a choices to choose from when it comes to hardware wallets and more in the near future. Companies are planning to launch cold storage hardware products this year which comprises of Key Fair, Penta Security, Coldwelt, and K-Sine.Lee Chang-keun, CEO of Key Fair has built the ‘Key Wallet Series’ that deploys its own developed algorithms tied up to fortify the security chip. The product is also integrated with a feature called “Pro and Touch” which uses fingerprint recognition and NFC communications with smartphones. The Key wallet can sustain multiple cryptocurrencies including bitcoin core, ethereum, bitcoin cash, dash, ethereum classic, ripple, and litecoin.Other companies offering cold storage devices in South Korea of which one of the company is Penta Security. The testing of the products beta testing will be completing in June of this year. Penta’s offering is a hardware wallet that is quite similar to a credit card which uses advanced key storage and offers multiple authentication features. The authentication is incorporated with one-time-password, two-factor authentication and being tied to the user’s mobile device.