Huawei Technologies Co., a leading communications technology company in China and the third-largest handset maker globally, announced recently that it will launch Bitcoin (BTC) wallets on its app store to enable users to invest in the cryptocurrency markets.
The app will be pre-installed on all new Huawei smartphones. This comes according to Alejandro de la Torre, vice president of BTC.com’s business operations. The company says users of older phones will be able to download the wallet from Huawei’s app store soon.
Despite BTC.com controlling the world’s largest BTC mining collection, the app is not available to the Chinese consumer markets. This has come to be because of the government’s ban on Google Play and sections of Apple’s iTunes. Bitmain Technologies, a mining hardware manufacturer, owns BTC.com.
Though the government of China has been hard on the initial coin offerings (ICOs) and exchanges, the country is popular for numerous cryptocurrencies. The BTC wallet launch may be a great opportunity to grow the country’s crypto market.
With new crypto asset apps like the one from BTC.com, Chinese consumers will have the opportunities to invest in the virtual currencies even if the government has blocked other crypto-related apps and banned all ICOs and exchanges.
Huawei is currently focusing on developing blockchain-based applications. According to Jaime Gonzalo, Vice President of mobile services at Huawei, cryptocurrency adoption will grow massively in the near future.
For instance, use of cashless payment systems with apps such as BTC.com is overtaking traditional banking method. This may largely encourage the growth of crypto asset markets in the region. In March this year, there were reports Huawei was developing a mobile phone device that uses blockchain-based applications.
Huawei is steadily dominating the Chinese market. For instance, the company shipped close to 1 billion units of smartphones in China with plans to increase sales revenue this year. The company owns about 20.4% of the mobile phone market in China. Its global market share was pegged at 11.8% in the first quarter of the year.