Welcome to our latest report on the most popular hardware wallets in Vietnam.
Hard sales numbers, no fluffing around.
As in our previous update, the French market leader, Ledger, remains solidly in the lead, accounting for about two-thirds of the hardware signing devices (colloquially known as “hardware wallets”) sold in the Vietnamese market.
While Ledger has not been without controversy over the years, the company has long been the one to introduce the most people to self-custody.
Ledger – offering the entry-level model Ledger Nano S Plus as well as the more luxurious Ledger Nano X variant – allows users to self-custody a wide range of coins and tokens, making it ideal for “crypto bros” looking to reduce their exposure to custodial providers.
Another multi-coin wallet provider, Trezor, has been gaining market share in the past quarter, primarily due to the introduction of their new Trezor Safe 3 model.
We estimate that Trezor has a chance to push their market share above 20% in the second half of the year, especially with the new Trezor Safe 5 model joining the lineup (watch out for our announcements on social media).
However, more is not always better, and one golden axiom of cybersecurity remains:
Complexity is the enemy of security!
Supporting a wider array of coins and tokens necessarily leads to an increased attack surface.
For that very reason, a niche market has been growing to meet the demands of more hardcore “Bitcoin hodlers”—namely, the Bitcoin-only hardware signing devices Coldcard by Coinkite and the more beginner-friendly Blockstream Jade.
While Blockstream was closing in on Trezor earlier this year and eyeing the second rank in the marketplace, its market share slipped back down to below 10% in the second quarter of 2024.
Coinkite, with its relatively high-priced Coldcard devices, remains at the bottom in terms of units sold, however:
Most popular does not necessarily mean “most secure”!
You will find plenty of strong endorsements from long-time Bitcoin users who swear that Coinkite offers the best device available in the market in terms of security properties.
Is it the best option for your purpose?
If you’re uncertain and want to level up your self-custody game, our BV Prime Consulting team is ready to provide expertise and guidance on a personal one-to-one basis.
And if you want to take your custody strategy to the gold standard and protect yourself from various disaster scenarios, our BV Prime Custody team is well-equipped to help you implement Multivendor Multisig for your Bitcoin life savings.
