Huawei, the third-largest smartphone manufacturer in the world, is set to launch a Bitcoin wallet app for its range of smartphones. According to reports, the company is partnering with BTC.com to provide the latter’s Bitcoin wallet for Huawei smartphone users. BTC.com is a subsidiary of Bitmain Technologies, the world’s largest Bitcoin mining hardware manufacturer. This announcement is in keeping with the company’s latest foray into the world of cryptocurrency and blockchain technology. New Huawei smartphones will come as part of the pre-installed Huawei AppGallery.
This Bitcoin wallet app is the first of its kind for the Shenzhen-based company. The AppGallery which offers users the option to download the BTC.com Bitcoin wallet will also be made available to older Huawei smartphones in the coming months. This new feature brings Bitcoin, the number one cryptocurrency to smartphone users on the go. A Btcoin wallet allows owners to store their Bitcoin holdings and send/receive Bitcoins.
The announcement is expected to have a profound effect in China given the country’s crypto crackdown in recent months. Huawei dominates the Chinese smartphone market, so it stands to reason that this move will enable more Chinese residents to have access to Bitcoin. Despite being one of the first places to experience the crypto bloom, participating in the market has become increasingly difficult for many of the country’s citizens.
Since September 2017, the government has gone on a campaign to shut down ICOs and exchange platforms in the country. The Huawei Bitcoin wallet app will allow people to hold Bitcoin in the country easily. Chinese strict censorship laws mean that Google Play Store is banned in the country. Even Apple’s iTunes store only offers restricted access to the country. As a result, citizens are unable to download apps like mobile cryptocurrency wallets. Commenting on the development, Alejandro de la Torre, the VP of BTC.com said that:
“It’s a good opportunity to tap into the Chinese market. The use of cashless payments with apps is very big, and the traditional banking system is lacking, so there’s a good use case for crypto payments to grow there.”
A couple of months ago, Huawei announced that it was developing a blockchain smartphone in partnership with SIRIN LABS. The proposed phone, called FINNEY, is expected to utilize SIRIN OS running on an Android OS platform. In April 2018, the company also revealed the launch of its legacy Blockchain-as-a-Service (BaaS) platform. The company’s BaaS platform focuses on developing smart contracts solutions for enterprise clients.
Speaking on the company’s foray into blockchain and cryptocurrency, Jaime Gonzalo, the VP of Huawei’s mobile services said that:
“From our leadership position in China, the tip of the spear of mobile payments, we expect to see massive growth in global cryptocurrency adoption habits in the near future.”
In a related development, the Chinese government plans to publish a blockchain standards report before the end of 2018.