Cryptocurrencies are no longer news in various sectors and regions of the world, irrespective of the bearish market in 2018. Presently, the crypto industry has seen significant growth after the 2018 downtrend. This has made the demand for crypto-related products and add-ons increase yet again.
You need a cryptocurrency wallet in order to store crypto. Your wallet can either be physical or virtual. In line with the increasing need for crypto wallets, Litecoin Foundation announced on Twitter that it has listed a new hardware crypto wallet. The wallet is a complete connection free cold wallet isolated from any network.
Ellipal deals with crypto hardware wallets that are usually compatible with smartphones.
The sudden increase in the smartphone industry, especially with regards to hardware and internet usage, has opened up new opportunities for digital assets.
Litecoin Foundation is a popular name in the crypto space. It has been one of the top innovators in the blockchain industry. The company has been working round the clock to bring about new and sophisticated additions to its ecosystem. Ellipal is one of such additions.
It is important to note that hardware wallets are more secure than virtual wallets because users can store their digital currencies offline. Hardware wallets also have physical buttons for confirming transactions and so it makes it nearly impossible for hackers to move funds even after gaining access to the hardware wallet.
Litecoin, on its website, has listed the price of the hardware wallet at $149.00 a piece.
Litecoin further stated that the wallet makes use of QR code technology to confirm transactions created on ELLIPAL’s mobile app. The transaction will be securely verified after a few scans and sent directly to the blockchain without leaving any loophole that can be exploited by hackers.
The need for secure ways to store digital assets has increased tremendously because of the large number of non-technical users entering the crypto space.
The attacks on exchange platforms like the Binance hack have also caused an increase in demand for offline wallets.