Cryptocurrency

Brian Armstrong: “Apple hinders the development of the cryptocurrency industry”

Coinbase CEO Brian Armstrong criticized Apple for banning access to cryptocurrency and DeFi-related applications.

Armstrong wrote on Twitter that he tried to discuss this issue with Apple, directly contacting the company’s management, but no agreement was reached. According to Apple, the company will not add the ability to earn money with cryptocurrencies and access to decentralized finance (DeFi) applications to iOS. In addition, Apple has banned Coinbase from providing iOS users with a list of decentralized applications (dApps), which are essentially sites.

“Why does Apple stop people from making money during the economic crisis? Apparently, the company is opposed to cryptocurrencies, and I do not know what this is connected with. Sometimes everything reaches the point of absurdity. We are modifying the product, which means that users have to perform a lot of unnecessary steps to meet the requirements. For example, people complete tasks on a mobile phone, and in order to receive a reward, they need to switch to the web version. This makes it harder for Apple and Coinbase customers to interact, ”Armstrong wrote in a series of tweets .

He added that DeFi and dApps are major industries innovating financial services. Thanks to them, people can access international credit markets for loans or interest income. However, according to Armstrong, Apple is making it harder for iOS customers to access DeFi apps. The company explains this by the fact that applications like Coinbase Earn imply cryptocurrency transactions without embedded software, which does not comply with App Store rules.

Armstrong believes that Apple is enforcing restrictions on cryptocurrency applications not to protect users, but rather to eliminate competition. The Coinbase chief urged Apple not to restrain the development of the cryptocurrency industry and expressed hope for further productive cooperation. In addition, he suggests that in the next decade, the cryptocurrency market will become similar to the traditional financial market, and many countries will issue their own digital currencies.

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