Coinbase integrates Apple Pay into its Onramp service, making it easier for iOS users to transact in cryptocurrency.
Coinbase, the leading cryptocurrency exchange in the US, officially announced the integration of Apple Pay into its Onramp service starting December 2nd. Users of applications utilizing Coinbase Onramp can now log in and conduct transactions through Apple Pay, providing a seamless and familiar experience.
According to Coinbase, this integration automatically applies to all app developers using Onramp, requiring no technical actions.
Potential impact on the cryptocurrency market
The integration marks a significant advancement for Apple Pay in the cryptocurrency space, particularly in the US market where Coinbase holds a dominant position. Although Apple Pay has been integrated on several other cryptocurrency platforms such as Binance, BitPay, and MetaMask, the collaboration with Coinbase has been warmly welcomed by the community and is seen as a potential 'turning point.'
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With a massive iOS user base, the integration of Apple Pay is expected to attract many new users to the cryptocurrency market, especially those who are not familiar with blockchain technology and Web3. The convenience and security of Apple Pay help simplify the transaction process, reducing entry barriers for new users while enhancing trust and safety.
Coinbase Onramp allows users to transact in USD Coin for free (both deposits and withdrawals) along with more than 60 fiat currencies and over 100 cryptocurrencies across more than 20 different blockchains. The combination of Coinbase's extensive operational reach and the convenience of Apple Pay is expected to create significant synergies, driving the growth of the cryptocurrency market. This integration demonstrates Coinbase's efforts to expand crypto accessibility, simplify the transaction process, and attract new users.
Notably, as Coinbase expands its Onramp service, the company has decided to withdraw from the Turkish market. Although Turkey is the fourth-largest cryptocurrency market in the world by trading volume, Coinbase has confirmed the cessation of its operational plans in the country. A spokesperson for Coinbase declined to provide details about this decision, only stating that the company regularly reassesses its position in the global market.