Posted 2 years ago | by Ben Armstrong
Apple Compels Coinbase to Change its Crypto Products
Apple’s attitude towards cryptocurrency remains hostile as demonstrated by its move to force Coinbase to change its crypto products. According to Brian Armstrong, the CEO of United States cryptocurrency exchange Coinbase, Apple has put the company on its back foot.
It’s not the first time that Apple has been too tough on crypto apps. Last month, Armstrong criticized Apple to limit the ability to monetize cryptocurrencies by performing unlimited tasks and browsing Dapps.
Apple Probably Wants to Run the Market
Amstrong claimed that other crypto companiesare, "reluctant to speak out on these topics for fear of retaliation," but felt the need to express themselves. Coinbase has frequently used up channels for communication with Apple, and hit a "dead end."
In the wake of other companies struggling with Apple's App Store restrictions, I want to share a bit about Coinbase's own struggle here.
— Brian Armstrong (@brian_armstrong) September 11, 2020
Armstrong has claimed that Coinbase developed two types of services on iOS applications, but when the crypto exchange was about to introduce to users, Apple showed an uncooperative attitude.
Apple has told Coinbase that two unique features can not be added to its iOS apps: the ability to make money from cryptocurrency applications, and the accessibility to dApps.
Armstrong appears to be quite disappointed with Apple because of its strict cryptocurrency policies.
“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.”
A Bad Idea for Future Competition
The first drawback, which negatively impacts Coinbase Earn product, is said to have resulted in Coinbase modifying the software.
In reaction to Coinbase’s concerns, Apple has apparently said that “Your app offers cryptocurrency transactions in non-embedded software within the app, which is not appropriate for the App Store."
Apple’s disfavor is also related to DeFi and DApps, according to Amstrong. Coinbase's iOS app has struggled with Apple, especially on the Dapps.
Its first app was reportedly deleted less than a month after its first launch in 2013. Speaking of the harsh event, Armstrong commented on Reddit, saying that, "Apple appears to be eliminating the use of DApps from the App Store."
Armstrong acknowledged that Apple's actions are driven by a "conflict of interest" as he mentioned that dApps and DeFi apps can be accessible through a smartphone's internet browser instead.
While these limitations are allegedly intended to protect consumers, they also tend to shield Apple from competition, according to what Amstrong wrote.
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