Cryptocurrencies have become a common name in various regions globally, and despite a dismal 2018, the market expanded at a staggering 122%. Therefore, the demand for crypto-related products and accessories has shot up considerably.
For trading or using cryptocurrencies, you need a wallet to store them. It can either be virtual or physical. Demand for either is up, and a lot of crypto companies are now finding ways to capitalize on the growing opportunities. In line with the trend, Litecoin Foundation tweeted on Friday that it has listed a new hardware wallet in collaboration with Ellipal.
The LF shop has a new hardware wallet product for sale! Check out the Litecoin-branded @ellipalwallet — a completely connection free cold wallet isolated from any network. https://t.co/EjM9pim2Wd ⚡️?? pic.twitter.com/JIau3NFaGI
— Litecoin Foundation (@LTCFoundation) May 10, 2019
Ellipal is one of the new entrants in the crypto markets. The company builds hardware crypto wallets which are compatible with smartphones. With the boom in the smartphone industry especially in terms of hardware and internet technology, a new user base has opened its doors for the digital assets market.
Litecoin Foundation has been among the top innovators in the blockchain industry. The company has been working to bring sophisticated products on to its ecosystem, and Ellipal is just another example. Hardware wallets are touted to be more secure than virtual wallets simply because they allow users to store their digital coins offline.
Without being constantly connected to the internet, chances of hacks on the tokens minimize substantially. Moreover, hardware wallets generally have physical buttons for confirming transactions, and hence, even if hackers get access to the tokens, they won’t be able to move them.
On its website, Litecoin has listed the hardware wallet at $149.00 a piece. It states,
It uses QR codes technology to sign transactions created on ELLIPAL Wallet Mobile App. With just a few scans, your transactions can be securely verified and sent to the blockchain without leaving any backdoor for hackers to infiltrate.
The necessity for secure ways to store digital assets has increased, mainly because of the sheer number of non-technical users emerging on the crypto space. These people are less aware of the technical bits and are mostly in for investment purposes. Also, the attacks on the most secure online platforms, like the recent one on Binance exchange which took away 7,000 Bitcoins, the demand for offline wallets is bound to rise.