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Coinbase CEO Brian Armstrong criticized Apple Inc (NASDAQ: AAPL) on Saturday, saying the latter was hampering its efforts to allow its app users to make money using cryptocurrencies.
What happened: Armstrong said the Cupertino, California-based tech giant was restricting the cryptocurrency exchange from adding new types of services to its app.
Here is the problem. Apple has told us that we cannot add the following functionality to our iOS applications: (1) the ability to make money using cryptocurrencies and (2) the ability to access decentralized financial applications (sometimes called DeFi or Dapps applications).
– Brian Armstrong (@brian_armstrong) September 11, 2020
“Why would Apple want to prevent people from making money during a recession? They seem to disagree with that, if you use cryptocurrencies. I’m not sure why. ”Armstrong wrote, alluding to the functionality of its Coinbase Earn product.
“Sometimes we end up in strange negotiations with them, modifying the product and asking users to go through the hoop (do a task on the mobile device and then go to the web to claim their reward!) To meet their guidelines” said the Coinbase CEO. additional.
Because it is important: The San Francisco-based cryptocurrency exchange office and Apple have a prior history of app-related issues. The exchange’s iOS app was removed from the App Store a month after its launch in 2013, according to Coindesk.
Armstrong accused Tim Cook’s company to stand in the way of decentralized apps and behave like Microsoft Corporation (NASDAQ: MSFT) did this when it combined Internet Explorer with Windows “in the past.”
Apple is also facing criticism from other tech rivals like Facebook Inc (NASDAQ: FB) and Microsoft on their App Store policies.
The iPhone maker is also in litigation with Epic Games for removing “Fortnite” from its market after the game’s maker tried to offer an alternative payment mechanism in the app.
Price action: Shares of Apple closed nearly 1.3% lower at $ 112 on Friday.
© 2020 Benzinga.com. Benzinga does not offer investment advice. All rights reserved.
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