The Chinese smartphone manufacturer Huawei is launching a bitcoin portfolio application which will be pre-installed on all the new devices.
The bitcoin wallet is available in the app store, and the users will be able to download for the first time on Huawei devices a portfolio specially designed for storing bitcoin. Bloomberg reported that the Chinese company is one of the world’s largest smartphone manufacturer and the first in its country. While China imposed harsh restrictions regarding the crypto market, the new app could have a huge impact on the acquisition of bitcoin in the country.
Huawei designed the wallet in partnership with BTC.com, which owns the world’s most extensive bitcoin mining facilities, Bitmain. According to the smartphone company, the application will be pre-installed on all the new Huawei and Honor devices. Furthermore, in the following months the company will release a version for older devices, as Alejandro de la Torre, the VP of commercial operations of BTC.com stated.
“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,” said de la Torre.
Many believe now that with this launch, Huawei and BTC.com are creating a new crypto opportunity for the Chinese market. BTC.com has Chinese origins, and since the crypto crackdown and the mining restrictions imposed by the government, the company has had to access different territories to grow its business. With this initiative, the company wants to access once more the domestic market.
“It is a good opportunity to access the Chinese market. The use of cashless payments with applications is very large and the traditional banking system is deficient, so there is a good use case for the crypto payments to grow there,” added de la Torre.
In addition to that, the vice president of Huawei hinted that the company is pro crypto mass-adoption:
“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 Jamie Gonzalo, VP of Huawei.
Earlier we’ve reported that the Chinese Ministry of Industry and Information Technology announced the creation of a research unit which will design a cryptocurrency rating system. The team will have to analyze and give rankings to all the blockchain projects in including bitcoin. The move is a new effort made by the Chinese to regulate cryptocurrencies and the use of the blockchain.