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Coinbase CEO outraged by Apple’s approach to crypto

Brian Armstrong, CEO of crypto exchange Coinbase, has expressed displeasure over Apple’s attitude towards the crypto segment. He said that Apple’s App Store rules do not allow many features of many crypto apps like Coinbase. He said that Apple’s approach to crypto-related apps could create trust problems.

Armstrong told in a podcast with an Indian YouTuber that smartphone makers should start preparing hardware features for crypto on their devices. Apart from Armstrong, other senior executives at Coinbase held meetings with startup founders, content creators and crypto players in India earlier this month. “Apple hasn’t had a good deal with crypto so far and has actually banned many of the features we want in the app. This is causing trust issues,” Armstrong said.

Apple has not given any response regarding this. However, the company has maintained a distance with the crypto industry. Apple CEO Tim Cook last year said that the Company does not plan to integrate cryptocurrencies or their associated features with its products or services. However, along with this, he also said that he has investments in cryptocurrencies but Apple has nothing to do with it.

There is no support for cryptocurrency transactions on Apple Pay. Apart from this, the company’s App Store does not support all the features of crypto apps. However, there are crypto wallet apps available on the App Store. However, Cook said that the company is doing analysis regarding the crypto segment. Armstrong has said that because of Apple, the capability of Coinbase’s products is being affected. Coinbase has non-fungible token (NFT) segment has made preparations to increase business. It has started the beta version of its NFT marketplace for testers. At present, no fee is being charged from testers for buying or selling NFTs. Coinbase plans to impose fees later and users will be notified when this happens.

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Two Wheeler

BUSINESS AND FINANCE

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