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- The CEO of Coinbase criticizes Apple for preventing innovation in the cryptocurrency industry.
- The company is also accused of preventing users from earning cryptocurrency.
- Apple says it only facilitates cryptocurrency when the exchange company provides the service itself.
According to a recent report by the chief executive officer of Coinbase Brian Armstrong, Apple has blocked some of the features of the digital currency exchange.
Armstrong revealed that the firm banned some crypto-based features that enable access to decentralized finance apps (DeFi) and earning money via cryptocurrency on its mobile apps. He further stated that Coinbase has engaged in discussions with Apple to resolve the issue, but the discussion was fruitless.
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“I also reached out directly to Apple leadership to request a dialog, but we seem to be at a dead-end,” he said.
Other companies are also affected
Armstrong also revealed in a series of threats that his firm is not the only one facing a similar issue, as other crypto-related companies are facing a similar ban. However, they don’t to “speak out for fear of retaliation.” Additionally, Armstrong said he continued discussing with Apple to find out why the company is preventing people from earning money legitimately via cryptocurrency during this recession period.
In the tweet, he said the product Apple has prevented people from making money from Coinbase Earn, which enables users to get cash loans using their bitcoin as collateral.
Apart from blocking earnings, Armstrong said Apple is not offering any list of decentralized apps to iOS users.
He explained how there has been a high interest in decentralized finance recently, and it has allowed more users to earn interest or get a loan by accessing the global credit market.
Apple defends its decision
Apple has also released a statement on its website relating to the development. The company said Apple may facilitate cryptocurrency transactions on an approved exchange only if the exchange offers the service itself. For this transaction, Coinbase makes use of the dApp browser.
However, Armstrong said the decentralized finance apps and decentralized apps are sites the users can log into, using their browser. With Apple’s block, the company is practically saying companies are not able to provide a list of sites for users they can visit using the app.
He said Apple’s reason for blocking them was not right. According to Armstrong, Apple said the company provides crypto transactions in software that are not embedded. However, that’s not the case with Coinbase, he said.
Apple reiterated that the action taken by Apple is no different from what happened in the 1990s when users were forced by Microsoft to use only Internet Explora, which resulted in issues of antitrust with the company. According to Armstrong, that’s exactly what Apple is doing now by restricting people from earning money through cryptocurrency on its platform.