Russians Bought 107% More Cold Crypto Wallets in Q2 as Demand Surged on Wildberries and M.Video-Eldorado

Demand for cold crypto wallets in Russia jumped sharply in April–June, according to representatives of major online retailers cited by RIA Novosti. For high-risk operators, the interesting part is not the hardware itself but the regulatory split: Russia allows these devices to be sold, while actual crypto operations and storage are being pushed into custodial “hot” setups.

1. Representatives of M.Video-Eldorado said sales of cold crypto wallets were up 107% in April–June versus January–March, while consumer spending on these devices rose 92% over the same period.
2. On Wildberries, sales of cold crypto wallets in the first half of the year were up 84% year on year, and the total amount spent on them increased 60%.
3. Wildberries also said the devices got cheaper: the average price is now 7,900 rubles, which is 13% lower than a year ago. The most popular models are those with an NFC module and backup cards.
4. A cold, or physical, crypto wallet stores access keys to cryptocurrencies on the device itself. The point is to keep the keys away from third parties; the trade-off is that, if the device is compromised, the owner usually bears responsibility for the loss, unlike with custodial hot storage.
5. In early August, President Vladimir Putin signed the law “On Digital Currency and Digital Rights,” which sets state control rules for crypto circulation. The requirements for investors, exchangers, exchanges, and digital custodians are due to take effect on September 1. Russian authorities say crypto operations and storage are allowed only through custodial, i.e. hot, wallets controlled by an exchange or another service, while the use of cold wallets “within the Russian framework” is permitted only for “participants in foreign economic activity.” There is no formal ban on selling the devices.