Is Apple Stifling Cryptocurrency Innovation? Coinbase CEO Thinks So

Coinbase CEO Brian Armstrong has accused Apple in a series of tweets that their App Store policies stifle innovation in the cryptocurrency space.

September 14, 2020 | AtoZ Markets – Cryptocurrency exchange Coinbase has been struggling to get some functionalities approved for its iOS app. As a result, Brian Armstrong took to Twitter to air his grievances on Apple’s role in stifling mainstream cryptocurrency innovation. Armstrong said:

Apple vs. Coinbase

Armstrong criticized Apple for disallowing iOS users the choice of earning through cryptocurrencies during this coronavirus-led economic crisis.

“There are many unbanked and underbanked people in the world who have no ability to get a loan to buy a home, or start a business, so this kind of technology has enormous potential to improve the world over time, even if it is still early days,” the CEO wrote.

He further revealed that Apple has prohibited Coinbase from providing a list of decentralized apps to users on the iOS platform, claiming that the Coinbase app “offers cryptocurrency transactions in non-embedded software within the app, which is not appropriate for the App Store.”

However, Armstrong maintained: “Dapps or Defi apps are fundamentally just websites that you can access through any browser. So Apple is essentially saying you can’t provide users with a list of websites they can visit through an app.”

Related article: Apple to Remove Coinbase Mobile Browser App from iOS Store

Armstrong’s comments come in the wake of the new Apple App Store rules that have come under heavy criticism. App developers argue that the company has too much control over what software runs on iPhones. Plus, they are entitled to 30% of all revenue.

Epic Games, the company behind Fortnite, is currently in a legal battle with Apple over several of its requirements. Apple had removed Fortnite from its app store last month.

Is Apple stifling cryptocurrency innovation?

Back in September 2019, Apple Pay vice president, Jennifer Bailey, told CNN that the company is paying attention to the crypto sector. Back then, the iPhone makers released CryptoKit for iOS 13, which allowed developers to easily create hashes for digital signatures. Moreover, with Apple’s Secure Enclave, you can store and manage your public and private keys.

However, a month later, Apple CEO Tim Cook made it clear that the company will have nothing to do with digital currencies. In an interview with Les Echos, Cook said:

“No. I really think that a currency should stay in the hands of countries. I’m not comfortable with the idea of a private group setting up a competing currency….A private company shouldn’t be looking to gain power this way.”

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