Huawei, the second largest manufacturer of smartphones globally, has released a Bitcoin wallet on its app store that will enable consumers to hold digital currencies at a time when Beijing cracks down cryptocurrency trading.
The firm has partnered with BTC.com, an online crypto platform for developers, investors and miners that will enable users to download Bitcoin wallets through its app store- App Gallery.
The move comes at a time when China regulates speculative trading in the digital currency market. Besides, Beijing has banned Initial Coin Offerings (ICOs) and also closed down all domestic Bitcoin exchanges.
“Digital currencies have recently transformed how people understand the digital economy significantly”, said Jaime Gonzalo, the vice president of Huawei Mobile services in a statement on Friday.
“In China, we are optimistic to witness significant growth in the adoption habits globally of digital currency in the future”, added Jaime.
BTC.com noted that it was a significant challenge for Chinese consumers to access any digital currency app because Google’s app store had been blocked in China. The firm’s wallet only supports Bitcoin and Bitcoin cash.
App Gallery, Huawei’s app store will be pre-installed on all new Huawei smartphones and will be extended to other devices during the second quarter.
According to research released by eMartketer, people in China are currently spending more time using their smartphones unlike watching TV for the very first time in 2018. Besides, mobile payments are becoming even more popular in the country with companies like JD Finance and JD.com providing Chinese consumers with digital payments and lending services.
A report from Counterpoint Research indicates that Huawei is the second largest smartphone manufacturer. However, the firm has faced criticism in the US with intelligent experts accusing the firm of spying on consumers. It has been a great challenge for the firm to get a carrier in the US that will enable it to sell its smartphones.