Amid the ever-expanding trend towards self-custody, Matej Zak, the Trezor CEO- a hardware wallet manufacturer, recently highlighted the most relevant development vector for this company. This would help in enhancing the usability to significantly increase the number of users over the next few years.
In an interview with Cointelegraph at the BTC Prague 2023 conference on 9th June, the CEO mentioned that educating hard and building simple constructions was the most relevant strategy of the company in its attempt at developing hardware wallets, and the growing demand for self-custody. He went on to add that one would have to explain what self-custody was because it was still quite a different concept. Since this was not something that existed before Bitcoin, and Bitcoin was around since 2009- so, there was not a lot to go out on.
Trezor CEO Wants To Enforce Usability Amongst Users
According to the Trezor CEO, the recent development would allow the investors to be their own banks, which includes the concept of self-custody whilst also making the users solely responsible for securing their own Bitcoin. The most important part of the responsibility would be safeguarding one’s private key, or the seed phrase- completely safe and secure. Usability, privacy, and security have always been the key parts of self-custody in any proposition put forward by Trezor.
By increasing the usability, the Trezor CEO has hopes of doubling or even tripling the amount of hardware wallet users throughout the world in the next few years. After citing a couple of estimates, the CEO believes that less than 2% of all the 420 million crypto users globally currently use hardware wallets. Putting the main focus on usability is a major part of the reason why the CEO believes that a complicated self-custody wallet setup might not be the best way to introduce newcomers to the industry.