Russian Demand for Hardware Crypto Wallets Surges 107% in Q2 2026

Hardware cryptocurrency wallets have seen a surge in demand in Russia, particularly in the second quarter of 2026. According to M.Video, sales of such devices rose by 107% in units and 92% in turnover compared to the first quarter.

A hardware wallet is a physical device that stores private keys to addresses where cryptocurrency is held, including Bitcoin and other digital assets. It operates on a non-custodial model, meaning the owner is responsible for access to their assets.

The use of non-custodial wallets has grown due to their ability to reduce dependence on the internet and isolate keys from everyday environments where the risk of infection and data interception is higher. To protect access, devices like Ledger use encryption, PIN codes, and backup phrases.

A hardware wallet works by storing private keys inside the device and signing transactions directly on the device itself. This eliminates the need for private keys to leave the secure environment.