Coinbase Says Apple Holds Back Global Crypto Adoption
Coinbase has been working hard to promote the mainstream adoption of digital assets.
This year, despite the global crisis triggered by the pandemic, the crypto exchange continued struggling, but now, a new element comes into the spotlight.
Apple is making crypto adoption more difficult
The CEO of the digital currency exchange Coinbase said that Apple is hampering the adoption of Bitcoin (BTC) and other cryptos.
As reported by the online publication the Daily Hodl, Brian Armstrong recently said that the tech giant has not been very welcoming of opportunities that involve cryptos.
“Apple has been very restrictive and hostile to cryptocurrency over the years. They’re still blocking some functionality right now, including the ability to earn money with cryptocurrency by completing tasks, and unrestricted dApp browsers,” he said.
Here’s what he posted about the subject on Twitter.
Here is the issue. Apple has told us we cannot add the following functionality in our iOS apps: (1) the ability to earn money using cryptocurrency and (2) the ability to access decentralized finance apps (sometimes called DeFi apps or Dapps).
— Brian Armstrong (@brian_armstrong) September 11, 2020
Armstrong continued and said: “Why would Apple want to prevent people from earning money during a recession? They seem to not be ok with it, if it uses cryptocurrency. I’m not sure why. This is what our Coinbase Earn product does.”
He also said that “We sometimes end up in bizarre negotiations with them, modifying the product, and asking users to jump through hoops (do a task on mobile, then move to the web to claim your reward!) to comply with their guidelines. This creates a worse experience for Apple and Coinbase customers.”
Overall, he concluded the fact that Apple is holding back global progress of cryptos due to the fact that the tech giant is prioritizing self-interest.
We recommend that you check out the complete thread on Twitter in order to learn more about what he had to say.
Brian Armstrong is the co-founder and CEO of Coinbase, one of the largest crypto exchanges in the world (its reported Coinbase holds 966,230 Bitcoin ($7B) in Cold Wallet). Prior to his involvement with the blockchain and Coinbase, Armstrong worked at Deloitte and Touche as an Enterprise Risk Management Consultant.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.