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Huawei enters the cryptoworld. Are the company stocks going to explode?
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Loading...Huawei, which is the third largest smartphone manufacturer in the world, has announced a partnership with BTC.com which will allow users to download Bitcoin wallets through its app store.
Soon, the users of Huawei smartphones will gain access to the pre-installed cryptocurrency app which will be available on their devices, no matter which part of the world they reside in. The app store already comes pre-installed with the recently launched P20 and P20 Pro smartphones.
BTC.com is a web wallet created by Blocktrail and now owned by Bitmain Technologies, which sells Bitcoin miners using its ASIC chip technology. It also publishes an Android wallet, an iOS Wallet, a Bitcoin API, a block explorer and a mining pool.
China is unarguably the biggest cryptocurrency market in the world, but the government has been escalating its clampdown on the sector. Additionally, local app stores must register with the authorities as they sought to regulate the industry of app stores.
As such, the usage of Huawei’s new crypto features could be limited as the same apps on Google Play store are banned in the country. Before that, Apple was also made to take down some of their services from the Chinese market.
“Cryptocurrencies have recently expanded the human understanding of digital economy at a large scale…We expect to see massive growth in global cryptocurrency adoption habits in the near future.” said Jaime Gonzalo, vice president of Huawei Mobile Services.
He added: “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. It’s a good opportunity to tap into the Chinese market.”
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