Huawei Offers Crypto Wallet in App Store, but Chinese Investors Won't Benefit

Owners of the latest Huawei models can download a BTC and BCH wallet.

by Kalina Tekelieva
14 May • 3 min
In News

Chinese smartphone maker Huawei Technologies is offering the Bitcoin (BTC) and Bitcoin Cash (BCH) wallet of BTC.com for download on its latest smartphone models, but recent curbs on the sector put by the Chinese government obstructs the participation of China-based users on the virtual currency market. The new service was revealed on Friday by web wallet BTC.com.

China banned Initial Coin Offerings (ICOs) and domestic cryptocurrency exchanges. Several local media have reported plans by Chinese authorities to introduce even tighter regulations in the sector.

“BTC’s Bitcoin wallet application was reviewed by AppGallery, and was approved for official release in multiple countries and regions, not including Mainland China,” a Huawei spokesman said in a statement

Initially, Huawei teamed up with BTC.com, run by Beijing-based BTC miner and crypto hardware manufacturer Bitmain Technologies, to enhance the access of Chinese users to cryptocurrencies.

The new wallets

The BTC and BCH wallet was added to the AppGallery, Huawei’s recently launched application store, on Friday. While at first, the wallet app will be available only for the new Huawei and Honor models, older models will also enable it in the second quarter of this year.

Perspectives on the Chinese market

“China is almost a ‘cashless economy’ today, accounting for almost 62% of all global mobile transactions,” Alejandro de la Torre, vice president of BTC.com, said. In his words, cryptocurrencies have the “amazing opportunity” to substitute fiat currencies in mobile payments.

In the same vein, Jaime Gonzalo, vice president of Huawei Mobile Services, expressed his belief that the number of people joining the virtual currency sphere will see a “massive growth” in the near future.

Blockchain introductions

While the new Huawei cryptocurrency wallet has made its way into numerous media reports in the past days, this is not the first time for the Shenzhen-headquartered smartphone maker to make use of blockchain technology. Last month, Huawei announced its new blockchain-based service BCS, meant to enable companies to develop smart contracts on a distributed ledger network. The BCS has the Hyperledger Fabric framework as a foundation.

According to a Bloomberg report published in March, Huawei might be considering to develop a smartphone with blockchain-based applications. The Chinese company is allegedly discussing a collaboration with Swiss smartphone maker Sirin Labs to use its mobile operating system SIRIN OS, which is able to run blockchain apps.