Coinbase said that the Apple Pay integration is part of its efforts to increase the number of crypto holders in the United Kingdom.
Following the new integration, Coinbase customers in the UK can now use Apple Pay on their iPhones to buy Bitcoin, Ether, and other digital assets.
In Coinbase’s opinion, Apple Pay would enable its users to purchase cryptocurrency in a “more secure and private” manner.
According to the exchange, neither the device nor the Apple servers save credit card numbers when customers use Apple Pay to make payments.
According to Coinbase, a distinct device account number is assigned, encrypted, and kept in an industry standard chip for storing payment data.
According to Coinbase’s national director for the United Kingdom, Daniel Seifert, the new connection facilitates faster access to digital assets and is part of its efforts to increase the number of crypto holders in the United Kingdom. He declared:
“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.”
Over six million adults in the UK possess cryptocurrency, according to Coinbase. The business stated that by reducing entry barriers to digital assets, the Apple Pay integration is part of its aim to “increase this number.”
The integration takes place at a time when volume and retail interest in the cryptocurrency field are declining. Coinbase reported on April 5 that the market is looking for the next big story to drive prices higher, which is why cryptocurrency volumes are declining.
The exchange mentioned the possibility of price increases due to the impending halving of Bitcoin. However, the exchange also made clear that it had to deal with the fact that this is a “typically weak time of year” for riskier assets like cryptocurrencies.
In addition to poor cryptocurrency volumes, social media engagement data indicates a lack of enthusiasm for retail cryptocurrency. Data from the social analytics site LunarCrush revealed on April 10 that there were fewer social media posts about cryptocurrency-related keywords such as Ethereum, Bitcoin, and Solana’s token.
Joe Vezzani, CEO of LunarCrush, stated that social interactions and retail interest are lower than in past significant bull markets. After accounting for spam and bots, the executive thinks there might be less activity on social media related to cryptocurrencies.
