Crypto News | Huawei Wallet Released on Smartphones

Huawei’s willingness to embrace innovation led to it becoming a global market leader. It would seem that the upcoming Huawei Wallet is another example of that passion for innovation. According to a May 10 Bloomberg report, all users who own newer Huawei phones will be able to download’s Bitcoin wallet from the company’s own AppGallery store starting Friday, May 11. Furthermore, Alejandro de la Torre,’s VP of business operation announced that the Huawei Wallet will be preinstalled on all new devices. While users from all over the world will certainly appreciate the move, according to de la Torre, the main reason why they decided to form a partnership with Huawei was so that they could tap into the underserved Chinese market. ICOs and crypto exchanges are banned in China, but users can still own cryptocurrencies. Since Google Play and Apple’s App Store are also banned in China, it is very hard for Chinese crypto owners to assess wallet apps. In March, Huawei also announced a smartphone that would support decentralized applications on the blockchain. In China, this company dominates the market with a 20.4% market share and more than 90 million units shipped in 2017 alone, so Huawei wallet could certainly have a big impact.

Bloomberg also reported on Nvidia’s first quarter sales. For the first time in company’s history, Nvidia also released information on revenue from sales to the crypto mining market. According to the report, miners contributed $289 million to the company’s impressive first quarter revenue of $3.2 bln, or a little more than 9%. Nvidia’s main competitor, AMD, revealed in April that it generated 10% of its overall revenue from sales to the crypto mining market. While the numbers point to a similar trend, both companies stress that the mining revenue is not their main growth factor, with Nvidia executives even saying that their sales to the crypto market will in all likelihood drop by two-thirds during the second quarter, quoting the crypto market correction which cut the revenue for miners earlier this year.

Lastly, let us take a look at how the top three cryptocurrencies are doing, starting from the bottom. According to a Business Wire report dated Thursday, May 10, financial institutions which decided to utilize Ripple’s xRapid platform have managed to cut their transaction expenses by 40-70 percent. The biggest advantage, however, is the improved transaction speed: only two minutes for something that used to take 2-3 days.

Ethereum’s Casper update went live this week, causing a slight price increase. However, after Tuesday, May8, when the update went live, the price of ETH started to drop, mirroring BTC, which hit a three-week-low earlier today. After failing to get past the key $10,000 resistance a week ago, BTC has been looking mostly bearish, apart from a slight rebound on May 9 and May 10. However, according to Coindesk analyst Omkar Godbole, “a close above 10-day MA of $9,390 would abort the bearish view.”

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Author: Max Rothstein

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