As stated by local news outlets in the East Asian nation of South Korea, the request for hardware wallets has been increasing rapidly. The main reason for the huge demand for hardware wallets is due to the attempted hack last year against regional trading platforms like Upbit and Bithumb.
After the hacks, all that’s on the agenda for south Korean cryptocurrency traders is to protect all their digital assets. Upbit is the first South Korean altcoin exchange and Bithumb also another South Korean cryptocurrency exchange that was victims of attempted hacks, trying to breach the company’s wallets. Another considerable cause is the hack that happened not long ago with another south Korean cryptocurrency exchange called Coincheck. This one triggered south Korean investors to start using some kind of cold storage.
A cold storage in the context of bitcoin refers to keeping a reserve of bitcoins offline. Most people that deal with cryptocurrency these days are now using cold storage devices like Ledger, Bitbox, Trezor, Keepkey, etc. Although South Korea will soon have some local cold storage devices of its own, as hardware producers that are selling products in South Korea have already planned on releasing products this year. These products include Key Fair, Penta Security, K-Sine, and Coldwelt.
The chief executive officer of Key Fair, Lee Chang-Keun recently created the Key Wallet Series that operates its own developed algorithm tethered to a dedicated security chip. He also described other features like Pro and Touch, which works with fingerprint recognition and Near-field Communication with smartphones. The Key Wallet will be able to operate a variety of cryptocurrencies, which are as follows bitcoin core, ethereum, bitcoin cash, dash, ethereum classic, ripple, and litecoin.
Penta Security, another firm mentioned above that are planning on launching a cold storage device in South Korea. However, the products beta testing is not scheduled to finish until June of this year. Penta’s hardware wallet is different from most wallets, as its wallets are in the form of a credit card. The wallet will utilize advance key storage and provides multiple authentication features.
Another two organizations have plans set up to launch cryptocurrency hardware wallet to the south Korean cryptocurrency market. The subsidiary of S-Tech Co. Ltd, Kay Sine has announced that it will launch the Touch X-Wallet sometime this year. The Touch X-Wallet will have a biometric fingerprint authentication along with a smartphone application. As for Coldwelt, which is a French firm, by the way, is also about release a hardware wallet in the South Korean market. Coldwelt stated that there is not that much difference between it and Ledger’s Nano S and the device will be able to store up to 20 different cryptocurrencies.