In the dynamic world of cryptocurrency, derivatives have emerged as pivotal instruments for traders seeking to hedge risk, speculate on price movements, or gain exposure to the crypto market without holding the underlying assets. The inception of the first-ever crypto derivative in 2011, known by the ticker ICBIT, marked a significant milestone in the evolution of digital finance. This innovation laid the groundwork for a burgeoning market that, according to Crypto.com, was valued at over $2 trillion in 2023.

The need of using a hardware wallet to store cryptocurrency became even more apparent in following years of the disastrous events of 2022, when users lost billions of dollars due to the FTX, Celsius, and BlockFi disasters.