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Apple Inc. has censored some cryptocurrency features of the Coinbase app. Specifically, Apple has prevented Coinbase from adding to its iOS app the ability to make money using cryptocurrencies and access to decentralized finance apps (Defi).
Apple vs. Coinbase
Cryptocurrency exchange Coinbase has been struggling to get some functionality approved for its iOS app, CEO Brian Armstrong detailed his company’s experience dealing with Apple Inc. on Friday. “In the wake of other companies struggling with Apple’s App Store restrictions, I want to share a bit about Coinbase’s own struggle here,” he began, explaining:
Here is the problem. Apple has told us that we cannot add the following functionality in 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).
“We tried to discuss this through regular channels with Apple, and I contacted leadership directly to request a dialogue, but it seems we are at a dead end,” he shared on Twitter.
Armstrong criticized Apple for not allowing iOS users the option of earning through cryptocurrencies during this coronavirus-led economic crisis. “There are many unbanked and underbanked people in the world who do not have the ability to obtain a loan to buy a home or start a business, so this type of technology has enormous potential to improve the world over time, even if it’s still early days, “wrote the CEO.
Furthermore, it revealed that Apple has prohibited Coinbase from providing a list of decentralized applications to users on the iOS platform, claiming that the Coinbase application “offers cryptocurrency transactions in software not integrated within the application, which is not appropriate for the App. Store “. However, Armstrong argued: “The Dapps or Defi apps are essentially just websites that you can access through any browser. So Apple is basically saying that you can’t provide users with a list of websites that they can visit through an app. “
Gabor Gurbacs, Digital Asset Strategist and Director of Vaneck and MVIS, explained: “Apple is a company and the Appstore is its own product / property, not a public utility. It often seems that some products and services should be more open or easier to use, but ultimately it is up to the company / owner … similar to how Coinbase decides which tokens to list. “Attorney Jake Chervinsky commented:” Apple it wants to be their bank. Defi is bad for business. “
However, the Coinbase CEO emphasized that his company’s iOS apps are not missing some features that users want because their teams didn’t get them, but because “those features are being censored by Apple.” Armstrong continued:
Apple also has a conflict of interest when enforcing these app store restrictions. While they are ostensibly designed to protect customers, it increasingly seems that they also protect Apple from competition.
“Force users to use the App Store instead of Dapps (websites) or IAP [in-app purchase] Instead of crypto payments, it reminds me of what Microsoft did back in the day (force users to use IE if it was on Windows) that led to all their antitrust issues, ”opined Coinbase CEO. “Apple, it’s time to stop stifling innovation in cryptocurrencies.”
What do you think about Apple censoring some cryptographic functions? Let us know in the comment section.
Image credits: Shutterstock, Pixabay, Wiki Commons
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