Coinbase announced its integration with Apple Pay on Monday, allowing app developers to integrate cryptocurrencies and Apple Pay directly into their apps. The integration is part of Coinbase Onramp, which gives app developers a way to allow their customers to convert traditional currencies, such as U.S. dollars, into cryptocurrencies. Until now, this process was difficult, requiring users to pay additional fees and visit multiple websites and apps.
With the Apple Pay integration, Coinbase continues to push its product towards the average consumer by making cryptocurrency purchases more accessible.
With this integration, Apple at least seems more accepting of cryptocurrencies than before, which could mark a turning point in the iPhone maker’s difficult relationship with the crypto industry. The possible change of heart comes at an interesting time politically. President-elect Trump has signalled that his next administration will be friendlier to the crypto industry than previous leaders, which has undoubtedly helped push Bitcoin’s price closer to $100,000. Securities and Exchange Commission Chairman Gary Gensler recently announced he would step down when Trump takes office, putting an end to years of crackdowns on cryptocurrencies.
Coinbase CEO Brian Armstrong previously criticized Apple for not playing nice with the crypto industry, claiming that antitrust issues could arise for the iPhone maker in 2022. At the time, Armstrong said Apple had banned certain features from the Coinbase app.
When Apple released its credit card in 2019, the company said it would not allow customers to purchase cryptocurrencies with it. Apple has banned cryptocurrency, blockchain and NFT apps from its App Store in the past. Earlier this year, the Cupertino-based company pulled Binance, Kraken and some of the world’s largest cryptocurrency exchanges from its Indian app store.
In a 2021 interview, Apple CEO Tim Cook said the company was exploring whether Apple Pay could be used to purchase cryptocurrencies and even mentioned that he owns some cryptocurrency. However, Cook said at the time that he wanted to distance his company from the crypto industry.
