Pre-installed on Huawei and Honor devices, the app gives an alternative to all blocked crypto apps on Google Play to Chinese consumers.
The app enables Chinese buyers to hold virtual monetary forms even as Beijing is trying to come up with newer types of regulations for the cryptocurrency market and the businesses that operate with virtual finances. It allows trading with Bitcoin and Bitcoin Cash.
The app is a collaboration between Huawei and the online platform for the Bitcoin Community with BTC.com, which gathers a wide range of interested parties - from miners and developers to investors and speculators. It allows Chinese users to hold crypto coins, despite Beijing’s plans on regulating the crypto industry, including the current restriction of Initial Coin Offerings (ICOs) and banning local Bitcoin trades.
Jaime Gonzalo, VP of Huawei Mobile Services, commented that "crypto forms of money have extended the human comprehension of the digital economy. But this, of course, comes at a high price.”
Mr. Gonzalo also adds that despite that China aims to prevent the widespread and cryptocurrencies, the company believes that their collaboration with BTC.com in launching the bitcoin wallet provides them a definite advantage in the future of the business landscape.
Bitcoin Wallet by BTC.com marked an excellent response rate, winning the trust of over 10 million users worldwide. Now, integrating their app into Huawei’s micro space, the Chinese tech giant will have a dominating role in their expanding European market, as well as the high ground in China’s monetary transformation.