January 28, 2023
Apple Declares War on Largest US Crypto Exchange, Blocks App

Apple Declares War on Largest US Crypto Exchange, Blocks App

A month later Change your terms of use in the App Store and specify NFTs For the first time, Apple has declared war on Coinbase, America’s largest cryptocurrency exchange.

The tech giant that makes the iPhone has blocked the app Coinbase Wallet🇧🇷 The transaction fees required to convert NFTs are said to go through the App Store purchase system.

In other words, Apple wants to get paid for NFT transactions that happen on the Coinbase iOS app.

According to the exchange, the company has blocked the latest version of the Coinbase Wallet app until the feature that allows users to send NFTs via iOS is disabled.

“Apple’s claim is that the gas charges required to send NFTs must be paid through their in-app purchase system, so they can get 30% of the gas charges”Coinbase said caption on Twitter.

Apple prefers 30% transactions

According to the App Store’s terms of use, Apple takes 30% of all payments made through its platform. It wants to treat gas payments required to send NFTs the same as in-app purchases.

Apple’s request demonstrates ignorance of how blockchain technology works, as gas fees are not even paid to app developers, but to miners who verify transactions on the network.

Despite Apple allowing NFT applications in October, the decision to block Coinbase Wallet is a sign that one of the world’s largest companies does not understand the fundamentals of blockchain technology.

Frustrated by the situation, Coinbase said Apple doesn’t know how NFT works and can’t change what the company asks.

“It’s impossible for people who understand how NFTs and blockchains work. Apple’s proprietary in-app purchase system doesn’t support blockchain, so we couldn’t adapt even if we tried.

Also, Coinbase said it was trying to profit from Apple users. Company The metric was compared to a fee for each email a user sends.

“Apple has made it more difficult to transfer NFTs to other wallets or gift them to friends or family. Simply put, Apple has introduced new policies to protect its profits at the expense of consumer and developer innovation across the blockchain ecosystem.”

Apple has not made any official announcement regarding this new move. Coinbase believes the move is Apple’s fault, but the tech giant has a history of making similar decisions in the past.