Photo source: Traders Union
Coinbase has announced that it will now support Apple Pay, enabling app developers to allow users to buy cryptocurrencies directly within their apps.
The new feature is part of the Coinbase Onramp service, which facilitates the conversion of traditional currencies, such as the US dollar, into digital currencies. Historically, this process has been cumbersome for users, often involving multiple platforms and additional fees.
With the Apple Pay integration, Coinbase aims to improve accessibility for everyday consumers looking to buy cryptocurrencies. This suggests a more favourable stance from Apple towards the crypto sector, which has seen a complicated relationship in the past.
The timing of this integration coincides with a critical political shift, as President-elect Trump has indicated that his administration may adopt a more supportive approach to the cryptocurrency industry compared to previous administrations. This has contributed to a surge in Bitcoin’s value, nearing USD$100,000.
Additionally, Gary Gensler, chair of the Securities and Exchange Commission (SEC), has announced his departure when Trump assumes office, which will put an end to his stringent regulatory measures against cryptocurrencies.
Brian Armstrong, CEO of Coinbase, had previously voiced concerns regarding Apple’s treatment of the crypto industry. In 2022, he suggested that Apple could face antitrust challenges due to its restrictive policies on certain features within Coinbase’s app.
Notably, when Apple launched its credit card in 2019, it prohibited its use for purchasing cryptocurrencies. The company has also been known to remove various crypto-related applications from its App Store.
In a 2021 interview, Apple CEO Tim Cook mentioned that he was exploring options for enabling Apple Pay for cryptocurrency purchases and acknowledged his own investments in digital assets. However, he expressed a desire for Apple to maintain some distance from the crypto market.
Now, users of Apple Pay will experience a streamlined process for converting fiat currency into cryptocurrency through Coinbase Onramp. The integration is designed to minimise friction by simplifying identity verification processes and reducing the time required for transactions.
Developers utilising Coinbase Onramp will benefit from this integration without needing to make any changes. Apple Pay will automatically be available as an option during eligible purchases.