Apple Sensors Some Cryptocurrency and Defi Features from Coinbase App

Apple Inc. censored some of the cryptocurrency features of the Coinbase app. In particular, Apple has blocked Coinbase from adding to its iOS app the ability to earn money using cryptocurrency and access to decentralized finance apps (Defi).

Apple vs Coinbase

Cryptocurrency exchange Coinbase has been battling to get approval for some functions for its iOS app, CEO Brian Armstrong detailed his company’s experience in dealing with Apple Inc. on Friday. “In light of other companies struggling with Apple’s App Store restrictions, I want to share a bit about Coinbase’s own battle here,” he began, adding:

Here is the edition. Apple has told us that we cannot add the following functionality in our iOS apps: (1) the ability to earn money using cryptocurrency and (2) the ability to access decentralized finance apps (sometimes called Defi or Dapps).

“We have tried to discuss this through regular channels with Apple, and I reached out directly to leadership to ask for dialogue, but it seems we are at a dead end,” he shared on Twitter.

Armstrong criticized Apple for denying iOS users the option of winning through cryptocurrencies during this coronavirus-led economic crisis. “There are many unbanked and under-banking people in the world who do not have the ability to borrow to buy a home, or start a business, so this kind of technology has huge potential to improve the world over time, even even if it’s still early. days, ”wrote the CEO.

It further revealed that Apple banned Coinbase from providing users with a list of decentralized apps on the iOS platform, claiming that the Coinbase app “offers cryptocurrency transactions in software that is not embedded within the app, which is not appropriate for the App Store. ” However, Armstrong maintained: “Basically, Dapps or Defi apps are only websites that you can access through any browser. So Apple essentially says you can’t provide a list of websites they can visit through an app. “

Gabor Gurbacs, the digital asset strategist and director at Vaneck and MVIS, explained: “Apple is a company and Appstore is their own product / property, not a public utility. It often feels that some products and services should be more open or easier to use but ultimately, this is a company / owner decision … similar to how Coinbase decides which tickets to ‘ w listing. “Lawyer Jake Chervinsky said:” Apple wants to be your bank. Defi is bad for business. “

Nevertheless, the CEO of Coinbase stressed that his company’s iOS apps are not losing some features that consumers want not because its teams have reached them, but because “those features are censored by Apple.” Armstrong continued:

Apple also has a conflict of interest in applying these app store restrictions. Although they appear to be designed to protect customers, it is increasingly looking to protect Apple from competing.

“Forcing users to use the App Store instead of Dapps (websites), or IAP [in-app purchase] instead of crypto payments, reminds me of what Microsoft did back in the day (forcing users to use IE if you were on Windows) that led to all of their anti-coalition issues, ”chose the CEO of Coinbase. “Apple, it’s time to stop stifling innovation in cryptocurrency.”

What do you think of Apple censoring some crypto features? Let us know in the comments section below.

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