Coinbase said that the Apple Pay integration is part of its efforts to increase the number of crypto holders in the United Kingdom. Users in the country can now purchase Bitcoin, Ether, and other digital assets using their iPhone’s Apple Pay feature.
Coinbase believes enabling Apple Pay would give its users a ‘more secure and private’ way to buy crypto. When clients make Apple Pay purchases, the card numbers are not stored on the device or the Apple servers. The crypto exchange further explained that there’s a unique device account number assigned, encrypted, and stored in an industry-standard chip for storing payment information.
Efforts to increase UK crypto ownership amidst market slowdown
Coinbase reported that more than six million adults in the UK are cryptocurrency owners. The Apple Pay integration is aimed at raising this figure by reducing entry barriers to digital assets.
The integration comes as the crypto space experiences a slowdown in volume and retail interest. On April 5 2024, Coinbase said that crypto volumes are decreasing as the market tries to find the next narrative to fuel it higher.
The exchange noted that the upcoming Bitcoin halving could catalyse higher prices. However, the exchange also highlighted that it must deal with a ‘typically weak time of year’ for risky assets like crypto.
LunarCrush’s analysis of social media engagement on April 10 reveals reduced retail interest in cryptocurrencies, as evidenced by fewer posts on major assets compared to previous bullish phases. The company indicates a downturn in social media activity within the crypto sphere, factoring in spam and bots.
