Coinbase Introduces Apple Pay Integration for UK Users to Boost Cryptocurrency Transactions
Summary:
Cryptocurrency exchange Coinbase has integrated Apple Pay, enabling UK-based users to purchase digital assets such as Bitcoin and Ethereum directly through their iPhones. The integration aims to provide a more secure and private method of crypto transaction, potentially encouraging more UK adults to engage with digital currencies. This move comes during a period of declining trade volumes and retail interest in the crypto market.
Coinbase, a leading cryptocurrency exchange, has announced that their customers in the United Kingdom will now be able to buy Bitcoin (BTC), Ethereum (ETH) and a range of other digital currencies using the Apple Pay feature on their iPhones. The company suggests that Apple Pay will provide a safer and more private route to cryptocurrency purchases. According to its description, when purchases are made using the Apple Pay system, card details are neither saved on Apple servers nor the device itself. Instead, each device receives a unique account number which then is encrypted and securely stored within a standardised chip. Daniel Seifert, head of Coinbase in the UK, views this as a positive move to increase the availability and ease of purchasing digital currencies in the country. He cites the popularity of Apple Pay as a frequent payment method for everyday transactions, hence its integration into Coinbase seems like a natural progress. Over six million adults in the UK reportedly own cryptocurrencies, and the company believes that by integrating Apple Pay, they can continue to grow this figure by making access to digital currencies even easier. This integration comes at a time when the cryptocurrency market faces reduced volume and retail interest. The exchange reported on April 5 that the levels of digital currencies being traded are decreasing as the market searches for the next catalyst for growth. One possible driver could be the upcoming reduction in the production of Bitcoin, which some predict could lead to price rises. Nevertheless, Coinbase acknowledged that this is generally a challenging time of the year for risky investments like cryptocurrency. Adding to this slump in the market, online buzz around cryptocurrencies appears to be waning. Social analytics platform LunarCrush shared data on April 10 showing fewer social media posts mentioning key words like Bitcoin, Ethereum and Solana (SOL). Joe Vezzani, CEO of LunarCrush, noted that social engagement and retail interest are currently low when compared with previous growth periods in the market. Removing spam and bots from the equation, it's suggested that social media activity around the crypto space could be on the decline.
Published At
4/10/2024 4:21:09 PM
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