According to a report by Bloomberg, Huawei, the third largest phone maker in the world will be installing bitcoin wallets on its phones in a bid to tap China’s brisling cryptocurrency market. Regardless of the stringent rules imposed by the Chinese government to crack down on crypto trading and Initial Coin Offerings (ICOs), the cryptocurrency market continues to thrive since owning the digital currencies has not been deemed illegal.
The bitcoin wallet will debut on Huawei’s newly launched app store known as the Huawei AppGallery – it will, however, come pre-installed in all the new smartphones that the company will release. It is anticipated bitcoin wallet app will have the most impact in China where Huawei happens to be the leading smartphone seller.
People in China have little to no access to apps from other parts of the world because the country’s government has blocked access to the Google Play Store and parts of Apple’s App Store, a move that has limited access to a vast array of crypto-related services. Well, not anymore.
“BTC.com is democratizing Bitcoin by breaking down barriers to entry and ensuring new users can access Bitcoin and Bitcoin Cash in a simple, secure and trusted environment,” said Alejandro de la Torre, VP of Business Operations at BTC.com. “China is almost a ‘cashless economy’ today, accounting for almost 62% of all global mobile transactions. This dwarfs the estimated $49.3 billion in total mobile payment transactions in the United States in 2017, which highlights the amazing opportunity cryptocurrencies have in replacing fiat currency as the currency of choice for mobile payments. Huawei is leading the way in terms of adoption of blockchain technologies, and we’re excited to bring BTC.com to Huawei’s user base for the first time.”
BTC.com is a platform that allows users to safely store their private keys thus granting them full control of their cryptocurrencies. A huge chunk of the world’s population uses mobile devices to access the internet, something that has propelled the popularity of cryptocurrencies and mobile payment services.
In China, for instance, 95 percent of the internet users access online services on mobile smartphones. This new partnership between Huawei and BTC.com is a well-timed move that will get more internet and crypto users on board. The bitcoin wallet both companies will be bringing to the users will allow users to easily and securely send and receive Bitcoin and Bitcoin Cash.
“Cryptocurrencies have recently expanded the human understanding of digital economy at a large scale. 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. That is the reason why Huawei selected BTC.com as our recommended quality app to manage digital currencies. In addition to being simple and secure to use, BTC.com offers an exclusive reward to all AppGallery users by gifting a starting amount of cryptocurrency,” Dr. Jaime Gonzalo, VP of Huawei Mobile Services said about the partnership.