If you are a crypto trader and you have a new Huawei mobile phone, today is your lucky day.
That’s because today marks the first time people fitting this mode will be able to download Bitcoin wallets on their devices. It’s all thanks to a partnership Huawei reached with BTC.com.
Let’s discuss.
How it works
For now, the only way to get the wallet is by buying a new Huawei or Honor phone, which will have the app pre-installed. Plans call for the app to be available to those with older phones over the next few months.
It’s called the AppGallery.
Observers say Huawei will benefit the most from sales in China, which is where Huawei is the largest mobile phone seller.
Head scratcher
While the move is being touted as the first crypto app offered by Huawei, it’s causing some head scratching.
China has been notoriously negative on cryptos, banning ICOs and shutting down exchanges.
It’s also limited access to crypto-related apps like BTC.com, notes Bloomberg. Citizens can own cryptos, however.
However, it’s worth noting that China has a new governor of its central bank and he’s said that he may want cryptocurrencies to "play a more active role" in the Chinese economy.
We told you about his comments last month indicating the central bank will continue to pursue “tight supervision” in the cryptocurrency market, but is also “exploring a better way for digital currency to play a more active role [...] in the real economy.”
Opportunity
As far as BTC.com is concerned, there is plenty of opportunity in China.
Alejandro de la Torre, BTC.com’s vice president of business operations, spoke to Bloomberg about it, and said the following:
“It’s 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.”
Clearly, Huawei, the world’s third-biggest handset maker, is pleased. In a statement, Jaime Gonzalo, vice president of Huawei’s mobile service, said:
“From our leadership position in China, the tip of the spear of mobile payments, we expect to see massive growth in global cryptocurrency adoption habits in the near future.”
This article appeared first on Cryptovest