From 250,000 bitcoin average daily transactions to small amounts of other coins. With more people owning cryptocurrencies, the demand for their protection and safe storage is increasing exponentially.
Supply Catching the Demand
The hardware wallet market in 2017 was worth USD 95 million, and since the peak of interest and trading with cryptocurrencies earlier this year, we see a much more responsible handling of the assets, storing them in cold wallets offline. This trend is expected to grow fast, and some estimates see the market of hardware wallets reach well over USD 300 million within 5 years.
The whole purpose of hardware wallets is to provide a safe way of storing private keys to the owner’s assets. This information is stored in an encrypted device offline, to prevent its exposure to online threats. Compared to online wallets or software, hardware wallets are also more flexible to use.
The biggest number of hardware wallet producers are located in Europe. This is also the place of over a quarter of global hardware wallet users and the highest number of cryptocurrency exchange platforms. The demand for cold storage is increasing, and the competition to cater it is strong, influencing companies to upgrade their products with new features, support of additional cryptocurrencies, or advancement of the underlying tech.
USB vs. NFC
The most popular type of hardware wallet is still the USB-connected type. While it almost became a standard for cold wallets, the USB connectivity does not provide optimal usability for the user. As it requires connection to a computer via a cable, its mobility is limited to more or less stationary use.
NFC (near-field communication) technology, on the other hand, enables a literal on-the-go use of cryptocurrency. The holder of crypto assets is given way to not only store but also – or more importantly – use their assets in everyday purchases. Through pairing with a mobile app, cryptocurrency becomes a means of payment.
How safe is it?
Sugi Card is making use of bank-grade security features and complies with the strictest security regulations in the EU. It is virus and malware-proof, and the user’s private keys are kept offline. The Sugi’s NFC security chip comes PIN-protected, adding a new layer of protection to the crypto assets stored in Sugi. Through the Sugi mobile app, you can set limits to transactions, and to execute them, enter your PIN and tap the card to your phone.
Even in the case of loss or theft of the card, your assets are safe. You can read more about the safety features of the Sugi Card here.
Unlike other major players of hardware wallet on the market that are designed for desktop use, Sugi Card is paired with a mobile app, to improve the user experience and make real-life purchases with crypto an everyday task. Through the app, you can check your balance, transfer crypto funds, and overview past transactions, so you always know the state of your crypto.
To increase the usability and transferability of crypto, the Sugi App provides peer-to-peer crypto transactions, allowing you to find the receiver in your address book or by their wallet address. Apart from the option of using the Sugi Card on the POS terminals, the Sugi App will enable online payments by scanning a QR code or via a link.
Coins and More
Currently, the Sugi Card supports the storage of your BTC, ETH, BCH, LTC, XRP, and selected ERC-20 tokens. Additional cryptocurrencies will be added in the next phase, along with fiat currencies, to make the transition from using crypto and fiat even more seamless and smooth.
Unlike other wallets, you can customize your own Sugi with your name of choice and make it appear as a regular bank card in your wallet.
For a face-to-face comparison of Sofitto’s Sugi with major players of hardware wallet on the market, see the table below:
Value for Money
When comparing the safety and usability features between Sugi Card and other wallets it becomes clear that for less, one can get much more.
Sugi NFC Wallet Card, the highest price-performing cryptocurrency wallet on the market, is now available for even less.
Check out the limited-period discounts and store, transfer, and pay with your cryptocurrencies on the go.