Blockchain analysis firm Glassnode recently characterized the 2022 bear market as the worst on record. This seems to be the case due to events such as the war in Ukraine and rising inflation, coupled with serious problems among centralized crypto exchanges.
Yet, the bear market hasn’t negatively impacted all players in the crypto ecosystem. Hardware wallet providers seem to be benefiting from the massive amount of crypto withdrawals from centralized exchanges.
Pascal Gauthier, CEO of hardware wallet crypto firm Ledger, told Cointelegraph that the company’s revenue dropped about 90% during the 2018 crypto winter, but this hasn’t been the case this year. He said:
“Every quarter we are doing as much revenue as the whole of 2020, which was a very good year for Ledger. Right now year-on-year we are still up, which tells us that this bear market is different. It’s not a real bear market, but rather a bear market for centralized value propositions.”
To put this in perspective, Gauthier...
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