On Monday, Coinbase, a popular cryptocurrency exchange, announced that it is now working with Apple Pay. This new partnership allows app developers to easily add a feature to their applications that lets users buy cryptocurrencies using Apple Pay.
This integration is part of something called Coinbase Onramp. Essentially, it provides a simple way for app developers to help their customers convert regular money, like US dollars, into cryptocurrencies. In the past, this process has been quite complicated. Users often faced extra fees and had to navigate through several different websites or apps to make their purchases.
By integrating Apple Pay, Coinbase is making it easier for everyday people to buy cryptocurrencies. This move is aimed at reaching more average consumers and simplifying the process of getting into the world of digital currencies.
Apple’s decision to partner with Coinbase suggests that the company is becoming more open to the cryptocurrency space than it has been in the past. This could indicate a shift in how Apple interacts with the crypto industry, which has had a complicated relationship with the tech giant over the years.
Interestingly, this announcement comes at a time when political attitudes toward cryptocurrency are changing. President-elect Trump has indicated that his administration will be more supportive of the crypto industry compared to previous governments. This shift in political climate has likely contributed to the rising price of Bitcoin, which is approaching $100,000. Additionally, the chair of the Securities and Exchange Commission (SEC), Gary Gensler, recently announced he would resign when Trump takes office, which could signal an end to the strict regulations that have been imposed on cryptocurrencies during his tenure.
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In the past, Coinbase’s CEO, Brian Armstrong, has criticized Apple for being unfriendly to the crypto industry. In 2022, he suggested that Apple might face antitrust issues because it had restricted certain features in the Coinbase app. For instance, when Apple introduced its credit card in 2019, it stated that customers would not be allowed to use the card to buy cryptocurrencies. Apple has also removed various crypto-related apps from its App Store, including major exchanges like Binance and Kraken, particularly in India.
However, in a 2021 interview, Apple CEO Tim Cook mentioned that he was considering allowing Apple Pay to be used for purchasing cryptocurrencies and revealed that he personally owns some crypto. Despite this, he also expressed a desire to keep Apple somewhat distanced from the crypto industry.
Overall, this new integration between Coinbase and Apple Pay represents a significant step toward making cryptocurrency more accessible to the general public, while also hinting at a potential change in how major tech companies like Apple engage with the crypto world.
