Also known as hardware wallet, it is a cryptocurrency wallet which stores the user’s private keys in a secure hardware device like drives or USBs. They facilitate cold storage as they are not connected to internet and are not online.

They will be connected to internet or other devices only when funds are required to be transferred. Ledger, Ledger Nano S, Trezor and KeepKey are some of the hardware wallets available for use in the market.