This is also known as a “cold wallet” and is a physical device that acts as a wallet to store, manage, and transfer cryptocurrencies. Hardware wallets are often used for security reasons since they are not constantly connected to the internet.

Over 50% Crypto Investors Backup Security Keys by Paper Wallets, Threatening its Vulnerability
New research by Unstoppable Domains, Efani, and NGRAVE found that more than half of crypto investors at 54% store their security keys on a paper wallet amid intensified cyber attacks.
Square Establishing Bitcoin Hardware Wallet, Confirmed by CEO Jack Dorsey
Digital payment company Square is building an "assisted custodial" bitcoin hardware wallet, confirmed by founder and CEO Jack Dorsey and head of hardware Jesse Dorogusker.

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