On Monday, Coinbase introduced its integration with Apple Pay, enabling app developers to incorporate the option for users to purchase cryptocurrency directly within their applications.
This integration is part of Coinbase Onramp, providing developers with a streamlined solution for customers to convert fiat currencies, like USD, into digital assets. Traditionally, this process has been cumbersome, involving additional fees and navigating multiple platforms.
By integrating Apple Pay, Coinbase is working to make cryptocurrency purchases more user-friendly and accessible to the average consumer.
This integration may reflect Apple’s growing acceptance of cryptocurrency, marking a potential shift in the company’s previously complex relationship with the crypto sector.
This potential pivot coincides with a noteworthy political landscape. President-elect Trump has indicated that his upcoming administration would adopt a more positive stance towards the cryptocurrency industry compared to previous administrations, which has likely boosted Bitcoin’s price to nearly $100,000. Furthermore, Gary Gensler, the chair of the Securities and Exchange Commission, recently announced his intention to step down upon Trump’s inauguration, ending his long-standing regulatory approach toward crypto.
Coinbase’s CEO, Brian Armstrong, previously voiced his concerns regarding Apple’s interaction with the cryptocurrency sector, alluding to potential antitrust implications. In 2022, he noted that certain functionalities had been restricted in Coinbase’s app by Apple.
When Apple launched its credit card in 2019, it explicitly stated that customers would not be permitted to use it for purchasing cryptocurrency. The company has a track record of removing crypto, blockchain, and NFT applications from its App Store. Earlier this year, several of the largest cryptocurrency exchanges, including Binance and Kraken, were removed from the App Store in India.
In a 2021 interview, Apple CEO Tim Cook revealed that he was considering enabling Apple Pay for crypto purchases and mentioned his personal ownership of cryptocurrencies. However, he expressed a desire to maintain a degree of separation between Apple and the cryptocurrency industry.
Compiled by Techarena.au.
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