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Apple Compelling Coinbase to Remake its Crypto Products, According to the CEO




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Brian Armstrong, CEO of Coinbase, a US-based cryptocurrency exchange, claimed Apple is suppressing innovation in encryption technology and refusing to use DeFi to protect itself from competition.

Brian Armstrong caused Apple to take responsibility for the alleged exclusivity policy for developers of encrypted applications.

In a Twitter post published on Sept. 11, Armstrong doubled down on its previous statement that Apple continues to block certain features from cryptocurrency developers.

The CEO stated that other cryptocurrency companies “are reluctant to comment on these issues for fear of retaliation,” but believes the need to comment is necessary as Coinbase has exhausted its usual channels of dialogue with Apple and has reached a dead end “.

According to Armstrong, Apple has instructed Coinbase to prohibit the addition of two specific features to its iOS apps: the ability to make money with cryptocurrencies and the ability to access DeFi (decentralized finance) apps.

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According to reports, the first restriction was on the exchange’s Coinbase earn product, making Coinbase much less user-friendly changes to its app.

The CEO claimed that these restrictions apply to cryptocurrency users. He pointed out, “Why is Apple preventing people from making money during the recession? When cryptocurrency is used, they don’t seem happy with it.” Armstrong (Armstrong), the lack of features in encrypted applications is not due to inactivity of the developers, but rather because these features have been verified by Apple. “

Apple Banned Coinbase DApps and DeFi Apps

Apple has also reportedly banned Coinbase from providing app users with a list of decentralized apps or DeFi apps, both of which are actually “websites”.

It apparently defended this by saying, “Your [Coinbase] application offers cryptocurrency transactions in non-embedded software within the application that does not apply to the App Store.”

Armstrong pointed out that in any case, DApps and DeFi applications can be accessed via the web browser on any smartphone. Armstrong claimed it’s decision was based on a “conflict of interest.”

He wrote that while these restrictions are “designed to protect customers on the surface, it increasingly appears that they are also protecting it from the competition.”

Armstrong forces users to use the Apple App Store instead of DApps, or to use in-app purchases instead of encrypted payments. When it forces Windows users to use its proprietary browser, Internet Explorer, its behavior resembles Microsoft Platz’s previous antitrust problems.

Armstrong accused Apple of creating further barriers to financial inclusion during the coronavirus crisis, when people with insufficient or lacking funds may have greater difficulty obtaining traditional financial services.

Coinbase reportedly plans to send Apple a formal request to change its App Store policy.

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