Coinbase CEO Says Apple Stifling Bitcoin and Cryptocurrency Adoption – Here’s How

The CEO of the digital currency exchange Coinbase says Apple is hampering the adoption of Bitcoin (BTC) and other cryptocurrencies.

According to Brian Armstrong, the tech giant has not been very welcoming of opportunities that involve cryptocurrencies.

“Apple has been very restrictive and hostile to cryptocurrency over the years. They’re still blocking some functionality right now, including the ability to earn money with cryptocurrency by completing tasks, and unrestricted dApp browsers.”

In a series of tweets, Armstrong reveals Coinbase’s battles with Apple’s App Store restrictions.

“Here is the issue. Apple has told us we cannot add the following functionality in our iOS apps: (1) the ability to earn money using cryptocurrency and (2) the ability to access decentralized finance apps (sometimes called DeFi apps or dApps).”

Armstrong also notes that Apple is making the crypto exchange jump through hoops to comply with the tech giant’s guidelines which negatively impacts user experience. According to the Coinbase head, Apple is holding back global progress by prioritizing self-interest.

“Apple also has a conflict of interest in applying these app store restrictions. While they are ostensibly designed to protect customers, it increasingly looks like they are also protecting Apple from competition.”

Armstrong reminds Apple of what happened to Microsoft when it compelled Windows owners to use the company’s own web browser.

“Forcing users to use the App Store instead of dApps (websites), or IAP (In-app purchase API)  instead of crypto payments, reminds me of what Microsoft did back in the day (forcing users to use IE if you were on Windows) which led to all their antitrust issues.”

In the end, the Coinbase executive gave Apple a trip down memory to illustrate how Bitcoin is not so different from the tech giant’s own beginnings.

“Remember that small group of enthusiasts and misfits at the homebrew computer club who saw a glimpse of the future in the Apple II? Big ideas sometimes start off looking like toys. That is exactly where Bitcoin was just a few short years ago, and a major transformation in financial services is now underway.”