SatoshiLabs, the maker of the Trezor hardware wallet, saw their revenues skyrocket this year ahead of their Trezor Suite launch, estimated in mid-July.
As per the company’s spokesperson, the revenues increased five times since the beginning of 2021, compared to the same period last year, while it’s “even ten times more” compared to the bear market in 2019. The company declined to provide any other numbers.
“This year’s bull market has naturally meant sales have gone through the roof as more people realize the importance of protecting their cryptocurrency assets for the long term,” the spokesperson told Our.
Meanwhile, despite outages of certain components, “production and shipping are now operating at full speed.” The team said that they are doing “everything in [their] power” so that the current market situation doesn’t have an impact on the customers, adding that they are succeeding so far.
“Our delivery time is the same as pre-covid and pre-bull and we hope and do everything we can for it to stay that way. All orders coming to our e-shop are shipped and on its way to our customers within 24 hours from the received order.”
Also, according to the spokesperson, they are now seeing a growing number of customers choosing the premium Trezor Model T over the Trezor Model One, “which was the first hardware wallet ever invented.” Model T retails for EUR 180 (USD 221) and is around three times more expensive than Model One.
SatoshiLabs expects to see their sales keep growing, as “there is a huge demand for individual custody.” However, they noted that this bull run was “as unpredictable as any other, and any expectations can fall apart within hours.”
The company also hopes to fuel its growth with the upcoming Trezor Suite and its features. These include the support for a popular privacy-focused network Tor, the anonymization method for bitcoin (BTC) transactions CoinJoin, as well as a decentralized exchange and Lightning network integration, among others.
The suit will be “the core” of the Trezor ecosystem. It is an app meant to make using BTC and Trezor more user-friendly, while increasing security, and bringing “the often-overlooked topic of privacy into the reach of the average user,” according to the spokesperson.
The public launch of the new Trezor Suite interface, as a desktop and web app, slated for mid-July. The Trezor Suite public beta has been running since October 2020.
Meanwhile, the company itself increased its workforce by around 25% since the beginning of 2021. With two new companies, Tropic Square and Invity, now operating alongside Trezor, the team expects this growth to continue.
Also, about half of their financial reserves is held in BTC, so the rise in bitcoin price “projected therefore also into our dramatic increase of financial reserves.”
Their main competitor, Ledger, said in May that its revenues grew “by over 500%” in the first quarter this year. The company also did not provide any numbers and did not respond to our request for comment.
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Learn more:
– Trezor December Sales Were ‘Off the Charts’
– Trezor Team Making a Bitcoin Wallet Chip to Disrupt Multi-M Dollar Industry
– Trezor Fixes New Vulnerability, KeepKey Working On It; New Malware Targets Wallets
– Ledger Scammers Reportedly Go Trans-Wallet & Target Trezor Users
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(Updated on May 27 – SatoshiLabs postponed the launch of their Trezor Suite to mid-July, instead of June.)