The world’s third-biggest handset maker, HUAWEI, partnered with Bitcoin to create the first Bitcoin wallet app. With Beijing banning ICOs or Initial Coin Offerings, a form of fundraising for cryptocurrency start-ups, domestic Bitcoin exchanges have been in a slump since last year. This is due to China’s restriction towards trading in the cryptocurrency market. Joint censorship between telecom companies and the Chinese government has created “China’s Great Wall,” which blocked and restricted the Google App Store to Android mobile users. This made it difficult for any Chinese residents to access mobile cryptocurrency wallets.
A significant number of Chinese people are projected to spend more time on their smartphones and other mobile devices, and mobile payments from online shopping are very popular in China. This demographic urged HUAWEI and Bitcoin to join forces and create the Bitcoin wallet app. HUAWEI designed the app to give users first-time access to a mobile bitcoin wallet.
BTC.com’s Bitcoin wallet can be found in the HUAWEI AppGallery, according to the company. The BTC.com wallet will be the first cryptocurrency app offered by Shenzhen-based HUAWEI. The AppGallery will be pre-installed on all new Huawei and Honor phones and will be rolled out to older devices in the coming months.
HUAWEI said that BTC’s Bitcoin wallet application was reviewed by AppGallery, and was approved for official release in multiple countries and regions, not including Mainland China. BTC.com, which also reins the world’s largest Bitcoin mining pool, is held by mining hardware manufacturer Bitmain Technologies. Huawei is considering developing a mobile phone targeting blockchain-based apps.