Coinbase CEO Accuses Apple of Stifling Innovation in Cryptocurrency Industry
Brian Armstrong criticizes Apple for restricting cryptocurrency-related functionality in the App Store.
Coinbase CEO Accuses Apple of Stifling Innovation in Cryptocurrency Industry
Brian Armstrong, CEO of US cryptocurrency exchange Coinbase, publicly accused Apple of stifling innovation in the cryptocurrency industry, blocking decentralized finance (DeFi), and abusing its platform dominance to suppress competitors. On September 12, Armstrong tweeted that after the Dapp browser feature of Coinbase Wallet was disabled at the end of last year, Apple's App Store recently blocked some functions specifically designed for cryptocurrency developers.
Armstrong claimed that other cryptocurrency companies are afraid of retaliation, so they choose to remain silent, but Coinbase has exhausted all conventional channels for communication with Apple and has reached a "dead end." According to Armstrong, Apple recently informed Coinbase that it was prohibited from adding two specific functions: the ability to earn cryptocurrency and the ability to access DeFi applications. The first restriction affects Coinbase's Earn product and forces Coinbase to modify its app, which is not a user-friendly solution.
Armstrong's accusations are not the first against Apple's App Store policies. In August 2020, Epic Games, the creator of popular game Fortnite, sued Apple for its App Store policies, claiming that they were anticompetitive.
The debate around Apple's control over the App Store and the restrictions it imposes on developers has been ongoing. However, as the cryptocurrency industry continues to grow and gain mainstream adoption, the battle between Apple and Coinbase may become a defining moment in the industry's development.
Stay tuned for updates on this story.
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Coinbase CEO Brian Armstrong criticizes Apple for restricting cryptocurrency-related functionality in the App Store
On September 11, 2020, Coinbase CEO Brian Armstrong criticized Apple for restricting cryptocurrency-related functionality in its App Store. He argued that such restrictions specifically target cryptocurrency users and questioned why Apple would prevent people from making money during an economic recession. Armstrong pointed out that any lack of cryptocurrency functionality in Coinbase's app is due to Apple's review process, not laziness on the part of Coinbase developers. He also claimed that Apple's ban on Dapp and DeFi apps was unjustified and only served to cause conflict of interest. Armstrong compared Apple's behavior to Microsoft's past antitrust issues, whereby Windows users were forced to use the proprietary browser Internet Explorer.
Brian Armstrong, Coinbase CEO
Coinbase logo
Apple App Store logo
Cryptocurrency
Dapp and DeFi apps.
It is time to stop limiting innovation in cryptocurrency
We would like to work with you in a productive manner on this matter. In the future, cryptocurrency may even be integrated into In-App Purchases (IAP) to provide people in developing countries with better access to the global financial system.
According to reports, Coinbase is currently planning to submit a formal request to Apple to modify its App Store policy.