The policies of Apple have created a tough environment for cryptocurrency and DeFi apps. CEO of US-based cryptocurrency exchange Coinbase finally speaks about it as he says that Apple is stopping healthy innovation in crypto as well as the DeFi sector.
Apple’s Policy to Stop DeFi’s Growth
Coinbase CEO Brian Armstrong claims in his latest tweets that Apple is restricting features for developers dealing with cryptocurrency and DeFi. He also says that other cryptocurrency companies are “reluctant to speak out on these topics for fear of retaliation” and the communication between Coinbase and Apple has reached a “dead end.” As Apple has also restricted the features of cryptocurrency earning application “Coinbase Earn Product”, Armstrong said:
“Why would Apple want to prevent people from earning money during a recession? They seem to not be ok with it, if it uses cryptocurrency. I’m not sure why. This is what our Coinbase Earn product does.”
“We sometimes end up in bizarre negotiations with them, modifying the product, and asking users to jump through hoops (do a task on mobile, then move to the web to claim your reward!) to comply with their guidelines. This creates a worse experience for Apple and Coinbase customers,” he added.
While Apple’s reply to Coinbase is following:
“Your [the Coinbase] app offers cryptocurrency transactions in non-embedded software within the app, which is not appropriate for the App Store.”
Apple is Running from Competition
The restriction policies are adopted by Apple to prevent it from the competition as DeFi apps are growing exponentially. Armstrong believed that these restrictions “are ostensibly designed to protect customers, it increasingly looks like they are also protecting Apple from competition.”
Coinbase CEO concluded that it is time to stop this as innovation in cryptocurrency sector is inevitable. “Apple, it’s time to stop stifling innovation in cryptocurrency. We would like to work with you productively on this. Some day, cryptocurrency could even be integrated into IAP to give people in emerging markets better access to the financial system globally,” he added.
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