Sat, November 26, 2022

Where Did Trezor’s 300% Revenue Rise Come From?

Cryptocurrency

Due to FTX infection, Trezor estimates a 300% increase in sales revenue. The manufacturer of hardware wallets is confident that the most recent demand increase is due to investors reclaiming their money following the FTX debacle. Investors are increasingly switching to hardware bitcoin wallets as worries about centralized cryptocurrency exchanges mount in the aftermath of the FTX debacle.

According to Josef Tetek, the company’s brand ambassador, Trezor, a leading hardware wallet supplier, has seen a significant increase in wallet purchases following the FTX epidemic on Nov. 15. Tetek said that Trezor’s sales income increased 300% week over week and are continuously rising and that current sales are more than they were a year ago when Bitcoin hit an all-time high of $68,000. The executive pointed out that Trezor has also seen a large rise in website traffic. It rose by 350% within the same time frame.

FTX Fall and Trezor 300% Sale Revenue

Tetek claims that Trezor is confident that the increase in new wallet users was caused by problems with FTX, a cryptocurrency exchange at the core of the most recent industry crisis involving the theft of customer assets. Early last week, rumors about the FTX bankruptcy started spreading. Hence, Tetek claimed a sharp increase in demand for Trezor wallets.

Trezor doesn’t intend to boost hiring despite the surge in demand and the corresponding rise in assistance requests. Tetek said they were ready for a protracted and deep bear market so they did not have to downscale. Trezor presently has 100 employees operating across several locations, with the bulk situated in Prague.

Exchange outflows are approaching all-time highs by mid-November 2022. Hence, cryptocurrency investors have begun shifting more and more of their holdings to software and hardware wallets for self-custody. Ledger, a big competitor hardware wallet vendor, has recently seen a large increase in demand for its products. Shortly after FTX suspended all cryptocurrency withdrawals last week, the French cold wallet company saw one of its busiest days. This prompted creators to transfer their assets from exchanges to cold storage as quickly as possible.

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