Demand For Cryptocurrency Hardware Wallets Rises In South Korea

cryptocurrency hardware wallet

The demand for hardware wallets in South Korea is rising at a rapid rate as owners of virtual currencies seek ways of keeping their digital coins safe in the wake of hackings on cryptocurrency exchanges. Some of the virtual currency trading platforms in South Korea which have suffered from hackings and data breaches include Bithumb. This was revealed by Kim In-soon, a security researcher. The hacking of cryptocurrency exchanges has not been restricted to Asia though as this has occurred at exchanges in Europe and the United States too.
Across the globe enthusiasts of digital coins make use of cold storage devices such as Keepkey, Bitbox, Ledger and Trezor. In South Korea the brands that are available include Key Fair and Penta Security. The latter is based in South Korea and mid this month unveiled a new hardware wallet which is biometrics-enabled to enhance the security.

Device and card

Penta has indicated that the new virtual currency hardware wallet is available as a device as well as in a card variant. Additionally it can be used with close to all current virtual currencies. Sophisticated secure key storage will be provided with the card variant and this will include authentication features and capabilities such as OTP ? One-Time Password.
The card variant can also be used together with the wallet management app in order to offer support to the authentication security. As for the device digital coin wallet Penta has said that it will be offered with a display. A wide variety of device versions will be offered with a view to catering to the diverse user base.

Advanced security features

Other firms which intend to unveil virtual currency wallets in South Korea include Coldwelt and Kay Sine. S-Tech Co, a subsidiary of Kay Sine, intends to unveil a cold storage device known as Touch X-Wallet. The device will make use of biometric fingerprint authentication as well as electronic signatures.
Coldwelt, a French-based firm intends to launch its cryptocurrency wallet later in the year. The French firm has disclosed that up to 20 virtual currencies will be held by the wallet. Its device will resemble the Nano S built by Ledger.

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