Mobile applications have the potential to drive global cryptocurrency adoption to entirely new levels. Unfortunately, there are significant limitations to keep in mind. Apple is still not keen on several parts of the broader crypto industry at this time.
Apple Doesn’t Want DeFi or dApps
- Developing a mobile application for cryptocurrency is difficult enough, especially when trying to provide access to more “advanced” features.
- Both DeFi and dApps have become of greater interest and can help unlock a lot of new use cases for millions of people.
- Whereas submitting such applications for Android is not a big issue – despite a thorough review process – Apple’s approach is very different
- According to Coinbase CEO Brian Armstrong, Apple forces developers to cut out certain aspects of what the cryptocurrency industry has to offer.
- More specifically, Armstrong claims Coinbase was told to not provide access to ways to earn money with cryptocurrency or the ability to access decentralized finance applications.
- One has to wonder why Apple wants to prevent so many people from accessing cryptocurrencies and everything the ecosystem has to offer.
- Given Apple’s recent kerfuffle with Epic Games, it can be a matter of monetizing the accessed applications and platforms. If Apple cannot have a cut of the earnings, it seems easier to block access altogether.
- Coinbase continues to negotiate with Apple regarding DeFi features, but it does not appear there is a solution in sight as of yet.
- While most Apple customers may not care or be aware of these issues, it is a problem that needs to be highlighted.
- It is not unlikely restrictions like these will continue to hinder future cryptocurrency adoption.