Huawei opens door for crypto; Upbit is being investigated – market is red!

huawei cryptocurrency

If you were checking today CoinMarketCap, you may have seen that this day is full of red exchange prices. Besides that, we have some good and bad news for you today.

Huawei is going to promote BTC wallet

A Chinese multinational communication technology company, Huawei Technologies Co. has published information about the future possibility for users to download Bitcoin wallets on Huawei’s devices. The company is to announce  the start this Friday (May 11).

Huawei has precised that it will release BTC.com’s Bitcoin wallet in its AppGallery App Store. The App Store will be pre-installed on all new Huawei smartphones. Alejandro De La Torre, vice president of business operations at BTC.com said:

“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.”

Upbit investigated

The South Korean largest cryptocurrency exchange platform – Upbit, is being investigated by police and ten investigators for alleged fraud. As Chosun, the local news outlet, reported that police is suspecting that Upbit has faked its balance sheets and deceived investors.

Supposedly, South Korean Financial Supervisory Commision (FSC) sent ten investigators to Upbit’s head offices in Seoul this morning to get an access to company’s computer system.

Upbit was created by a subsidiary of Korean technology giant Kakao which, as we reported in March, was planning to build up a blockchain subsidiary tentatively called “Kakao Blockchain”.

As UpBit is one of the largest cryptocurrency exchange platforms, the information about alleged fraud had an influence on cryptocurrency market. The exchange rate of Bitcoin dropped 7 percent, Ethereum – 10 percent a day.

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Last modified: May 12, 2018

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