Chinese app developer Cheetah Mobile (NYSE: CMCM) announced today that it is planning to start a cryptocurrency wallet service called SafeWallet.
SafeWallet is an app for tracking and managing Bitcoin and altcoin assets. The handy Andriod app allows users to fully control their cryptocurrency investments.
Cheetah Mobile has a raft of well-known mobile apps such as Clean Master and anti-virus software CM Security. As such, SafeWallet taps the listed firm’s extensive mobile security and product development experience.
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Established in 2010, Cheetah Mobile has grown exponentially, from a six-person startup to a $2.7 billion market cap NYSE company.
The app employs a three-tiered security defense system and was designed to be a simple, safe and practical way of tracking cryptocurrency assets. SafeWallet currently supports Bitcoin (BTC) and Ethereum (ETH), and the company says that it will add new cryptocurrencies as well as developing an iOS version of the so far Android-only app.
SafeWallet has great potential to become a leader in crypto wallet apps. Several similar apps have an installed base of over a million unique users, whilst Cheetah’s security services are currently used by over 100 million customers to protect against viruses, malware and other threats.
Edward Sun, SVP of Cheetah Mobile, commented: “Cheetah Mobile’s move into the blockchain industry represents a significant moment for our company. 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.”
He added: “SafeWallet also features an optimized transaction fee algorithm to reduce transaction fees and confirmation times. Additionally, SafeWallet’s real-time exchange rate allows users to easily track the value of their digital assets.”