April 17, 2024

Coinbase CEO Says Apple Appstore Not Compatible With Crypto Innovation

According to the CEO of popular crypto exchange, Coinbase, Brian Armstrong, the App Store of the Apple company is a barrier to cryptocurrency innovation and development. Armstrong has already attacked the company’s anti-monopolistic policies in 2020. The production of devices that are compatible with crypto apps and capabilities seems to be a new industry phone manufacturers are yet to look into.

Apple And Stifled Regulations 

Armstrong argues that Apple’s regulations have stifled innovation in the development of crypto-native applications. It should come as no surprise since the company and its numerous restrictions, which prevent third-party app producers from launching applications on its online store, have proven to be a significant impediment to innovation over the years.

A recent edition of a podcast called, Superstream included Armstrong discussing the experience of the crypto firm in trying to add various functionality to its application but being denied permission by Apple, preventing the firm from continuing to develop the app and release upgrades for users of Apple product.

As Armstrong put it, “Apple has thus far not been very cooperative with cryptocurrency; in fact, they have outrightly prohibited several functions that we want to include in the application, but which they just would not allow — raising the possibility of antitrust from the company.”

Will Crypto-compatible Gadgets Be The Norm Soon?

Armstrong also expects that future app stores will include crypto-compatible gadgets that have built-in hardware features that will finally fulfill the demands of cryptocurrency investors. Users will be able to trade cryptocurrency flawlessly and with ease on their mobile devices. Also, the crypto entrepreneur urges both Android and Apple to include cryptographic capabilities in their OS (operating systems), claiming that having these features on their mobile devices will make people more crypto-friendly.

Regarding Coinbase’s ambitions to develop a hardware cryptocurrency wallet, Armstrong noted that the firm currently has a wallet in partnership with Ledger, and the majority of its customers do not desire a separate BTC wallet.

Since 2020, Armstrong has criticized Apple for the company’s restricting regulations. He points out that the Coinbase app can no longer use DeFi services — drawing parallels between Apple’s policies and Microsoft’s anti-competitive business tactics.

What Is The Future Of Coinbase?

Regardless of the various criticisms the company has faced, Coinbase’s app remains among the downloaded financial applications on Apple Store, having recorded over 89 million downloads to date.

Also, Apple’s Coinbase application continues to offer customers a variety of unique features, such as the option to utilize Apple Pay for crypto purchases on Coinbase. Furthermore, users will be able to link their Coinbase card to their Apple Wallet account to allow them to spend their crypto smoothly. 

According to recent reports, the company plans to purchase a crypto firm in Turkey as part of its expansion plan. However, a date has not been fixed for the purchase, although reports state it will occur before May.

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