by Joseph Young
The fastest market of Trezor, an industry leading bitcoin hardware wallet manufacturer, is Japan according to Satoshi Labs community manager Bach Nguyen. With a well-regulated bitcoin exchange market and venture capital-backed exchanges such as bitFlyer, the Japanese bitcoin industry is beginning to lead the global bitcoin market.
Satoshi Labs, headquartered in the Czech Republic, is also the parent company of Slush Pool, which also operates the world’s first mining pool and bitcoin merchant map Coinmap. Since the launch of Trezor in 2014, Satoshi Labs has aided the business in establishing a clear vision to operate as a global company with an international user base.
Over the past three years, particularly throughout 2016, Trezor began to experience an explosive increase in the demand for their security-focused hardware wallets. A rising number of users started to depend on hardware wallets like Trezor, Ledger or KeepKey to keep their bitcoin and user funds safe within a non-custodial wallet platform.
On June 14, 2016, Trezor was sold out for the first time in the company’s history. The introduction of various features and products such as the Password Manager and the joint project between with Cryptosteel spurred the demand for their hardware wallets.
In early February, Trezor ran short of its stock once again due to high demand. On February 11, the Satoshi Labs team stated:
“SatoshiLabs would like to inform you that due to exceedingly high and unanticipated demand associated with the increase in bitcoin value, our stock at TREZOR Shop has been depleted. We would like to sincerely apologize for this inadequate foresight related to the development of bitcoin value.”
The Satoshi Labs team later told its customers in an update announcement that the stock of its hardware wallets will only be available by March 2017 and until then, customers can preorder wallets to receive them as soon as possible.
This explosive increase in demand for Trezor wallets was certainly unexpected. One of the major factors that made it difficult for Satoshi Labs and the Trezor manufacturing team to prepare for sudden surges of orders is the unforeseen growth of markets such as Japan.
In the past, the vast majority of orders came from the US and Europe, as explained by Nguyen. However, the rapid development of the Japanese bitcoin exchange market largely impacted the global bitcoin industry in general, pushing the demand up for bitcoin services and hardware wallets.
When asked about their fastest growing markets, Nguyen stated that Japan is showing an unprecedented rate of growth, catching up to the US and Europe to become the largest market for their hardware wallets.
“More TREZOR owners in one country means more reviews and references for new potential customers. We are also constantly developing new features, which opens more possibilities and naturally attracts new groups of customers. We would be happy if the demand grew at least as fast as now,” noted Nguyen.
The bitcoin price has gone on to set new all-time highs on the Bitstamp exchange, as covered by BTCManager on February 24. The rise in the price of bitcoin also led to the increase in demand for hardware wallets Nguyen explained, as more people begin to look into safer alternatives to store bitcoin.
Currently, the Japanese bitcoin exchange market controls nearly 47 percent of the global volume. If the growth of the Japanese bitcoin ecosystem continues, the demand for service providers and products like Trezor will increase consistently.