NEW YORK, Aug. 10, 2022 /PRNewswire/ -- The latest Cold-Storage Cryptocurrency competitive assessment by global technology intelligence firm ABI Research provides an in-depth and unbiased examination and ranking of seven prominent solution providers of Cold-Storage Cryptocurrency Hardware Wallets.
The rankings are based on various chosen criteria, split into two overarching categories, covering implementation and innovation, including supported currencies, ease of access/use, security, functionality, connectivity support, global reach, product/service range, partnerships/customers, and financial strength. These criteria were identified as the most vital for the continual growth of market development and the relevance of cold-storage wallets. The companies evaluated and ranked are:
- Market Leaders: Ledger, SatoshiLabs, CompoSecure, NGRAVE
- Mainstream: ShapeShift, CoinKite
- Followers: CoolBitX
"As it relates to cryptocurrencies, there is no way to recover access to lost coin portfolios, whether they were stolen or sent to incorrect addresses. Crypto users become their own bank, meaning they must take security seriously, especially when considering where they store their assets. The growing trends in the crypto space are increasingly necessitating the development of higher-security storage solutions to manage wider ranges of currencies and provide more and more functionality. The market for cold storage wallets is being driven by several factors, including the increase in the use of Central Bank Digital Currencies with pilots deploying in all major regions, crypto exchange expansion driven by neo and challenger bank offerings, and improvements in the level of accessibility for prospective users to crypto exchanges," says Sam Gazeley, Digital Payment Technologies Analyst at ABI Research.
ABI Research assessed Ledger as the highest scorer in the assessment, primarily due to its mature and advanced offerings and the partnerships it has forged in the cold wallet space.
SatoshiLabs ranked second on the overall scores, cementing its place as both an innovation and implementation leader due mainly to its strong financial strength and strong device popularity, driven by a strategy focused on user-friendliness.
Despite being a newer market entrant, CompoSecure secured third place, awarded the leading innovation score, owing largely to their shift away from the traditional dongle form-factor toward a more sleek and portable solution, coupled with their embedded security technology leveraging a CC EAL6+ Secure Element and supported by strong partnerships in the ecosystem, with a compelling and easy-to-use solution.
"With the NFT market taking off quickly, and neo and challenger banks pushing crypto-oriented value-added services, it is very likely that the cold-storage wallet market will become increasingly competitive with more innovative solutions being made available for the end-user. New entrants can ensure market relevance by offering portable and sleek solutions as it relates to the physical form and prioritize secure hardware solutions with high CC EAL specifications to avoid lost assets in a market which is seeing an increase in fraudulent activity," concludes Gazeley.
These findings are from ABI Research's Cold-Storage Wallets and the Security of Cryptocurrency Portfolios competitive ranking report. This report is part of the company's Digital Payment Technologies research service, which includes research, data, and ABI Insights. Competitive Ranking reports offer a comprehensive analysis of implementation strategies and innovation, coupled with market share analysis, to offer unparalleled insight into a company's performance and standing in comparison to its competitors.
About ABI Research
ABI Research is a global technology intelligence firm delivering actionable research and strategic guidance to technology leaders, innovators, and decision makers around the world. Our research focuses on the transformative technologies that are dramatically reshaping industries, economies, and workforces today.
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SOURCE ABI Research