Plastic card maker Taiwan Name Plate (TNP) will cooperate with dye-sublimation photo printer maker HiTi Digital to launch FortVax personalized cryptocurrency cold wallet initially in Taiwan, the US and Singapore in third-quarter 2022, according to TNP president Yin Wen-cheng.
TNP worked with Hong Kong-based GoldAlles to develop FortVax in 2021. TNP has further cooperated with HiTi for using HiTi-developed personalized information security technology to make FortVax personalized cold wallet. In addition, HiTi will be responsible for global marketing of FortVax by virtue of its marketing channels in overseas markets.
Cryptocurrency wallets are used to store, receive and send cryptocurrency, Yin explained. Cold wallets, as they are not connected to the web, are safer than hot wallets in storing cryptocurrency, Yin said. However, cold wallets needs hardware devices for trading, Yin noted.
Globally there are fewer competitors in cold wallet than in hot wallet, Yin said.
Currently in the Taiwan market, MAX, ACE and BitoPro are the three digital currency exchanges with about one million members in total, and FortVax aims to occupy 10% of the members in the shortest time possible, according to GolsAlles chairman Ivan Liu. FortVax aims to reach a global market share of 10% eventually.
According to India-based IMARC Services Private, the global market value for cold wallets stood at US$252.6 million in 2021 and will rise to US$1.149 billion in 2027 at a CAGR of 27.20% during 2022-2027.
