April 19, 2024
Latest Cryptocurrency News

Coinbase Enables Apple Pay for UK Users to Purchase Crypto

Crypto exchange Coinbase has announced that users in the United Kingdom can now buy Bitcoin, Ether, and other digital assets using their iPhones’ Apple Pay feature. This move is intended to provide a more secure and private alternative for purchasing cryptocurrencies.

According to Coinbase, when consumers use Apple Pay, their card information is not saved on the device or Apple servers. Instead, a unique device account number is encrypted and kept in an industry-standard chip designed to hold payment information.

Daniel Seifert, Coinbase’s country director for the UK, highlighted that integrating Apple Pay aligns with users’ preference for convenience.

“We know users already love using Apple Pay in their daily lives, so it only made sense to bring this convenient way to pay to Coinbase as well.”

Statement from Daniel Seifert

Efforts to Boost Crypto Ownership

Coinbase revealed that over six million adults in the UK own cryptocurrency. The integration of Apple Pay is part of its strategy to lower entry barriers and increase this number.

However, this development occurs amidst a slowdown in crypto volume and retail interest. Coinbase mentioned declining crypto volumes and highlighted the upcoming Bitcoin halving as a potential catalyst for price increases. Nonetheless, it also acknowledged the challenges posed by the “typically weak time of year” for risky assets like crypto.

Moreover, social media engagement data, as shared by LunarCrush, indicates a decrease in retail interest in crypto. CEO Joe Vezzani suggested that this decline may signal reduced social media activity within the crypto space, after factoring out spam and bot activity.

Image from Wikimedia Commons

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