Apple May Stop Millions of Dollars in Crypto From Being Accessed on Its Devices, Says Coinbase CEO
Apple appears to be ending support for decentralized applications on iOS devices, according to Coinbase CEO Brian Armstrong.
In a new thread on the Ethereum subreddit, Armstrong explains why the leading US crypto exchange is removing decentralized app (DApp) functionality from Coinbase Wallet on the App Store.
“Apple seems to be eliminating usage of Dapps from the App Store. If Apple customers want to be able to use Dapps, we may need to make this request [known] to Apple in some way.”
The term “decentralized apps” is an all-encompassing name for any program that’s built to run on a blockchain network and functions without the control of a single, centralized authority.
A wide variety of DApps have emerged, including decentralized crypto exchanges, betting platforms, games and financial instruments.
Armstrong says Apple’s shifting stance on decentralized apps will likely have a big impact on decentralized finance (DeFi), an emerging industry designed to utilize blockchain technology to give people greater access to loans, banking and payment services, mortgages, and more.
“This is an important area of innovation in finance, and many developers and early adopters of this technology have millions of dollars worth of crypto tied up in these financial applications, which they will no longer be able to use on Apple mobile devices if this app store policy continues.”
The move comes just days after Google banned the popular Ethereum-based wallet MetaMask from the Play Store.
Google says it removed MetaMask because the app violates its policies on crypto mining, although MetaMask says none of its features involve mining in any way.