China's Cheetah Mobile Launches Cryptocurrency Wallet

Chinese mobile app company Cheetah Mobile has announced its entry into the world of cryptocurrency wallets.

Launching its new SafeWallet, the firm says the so-far Android-only wallet app is designed to be user-friendly, allowing customers to easily manage their cryptocurrency assets. An iOS version is slated to follow soon.

With SafeWallet users can send and receive cryptocurrency assets, create multiple wallets and import wallets in a variety of formats, a release says. The app currently supports bitcoin and ether, with more cryptocurrencies to be supported soon.

Cheetah Mobile, which specializes in security app products, states:

"SafeWallet employs a unique three-tiered security defense system that protects users in three key areas, including user behavior, phone security and asset management to provide maximum protection for users' digital assets and prevent them from being lost or stolen."

The company stressed that SafeWallet does not access users private key, or initiate transactions on their behalf.

Edward Sun, SVP of Cheetah Mobile, said, "Similar to our AI strategy, we are committed to staying at the forefront of the latest technological trends, and mobile asset security is an area that we believe we can have a strong impact."

Cheetah Mobile already provides mobile security products such as Clean Master and Security Master, and currently claims that more than 100 million customers use its products daily.

The move comes as other mobile app makers seek to tap into the popularity of cryptocurrencies.

Just yesterday, CoinDesk reported that both Square and Line Corporation are adding cryptocurrency options and services to their current payment apps.

Messaging app Kik has even gone so far as to launch its own crypto token, called "kin," aimed to power its ecosystem, as well as raise funds for the company.

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