Coinbase, the largest cryptocurrency exchange, has announced the addition of Apple Pay functionality to its platform. This is evident from developer documentation shared by the American trading platform. The new product, called Coinbase Onramp, allows users to easily use FIAT currency to purchase cryptocurrencies. This innovation may offer even more customers access to the crypto market.
According to Coinbase, the addition of Apple Pay as a payment method is a crucial part of the company’s strategy. The goal is to make it as easy as possible for users to purchase cryptocurrencies without having to go through cumbersome verification processes. Coinbase’s developers clarify this further in the documentation:
“Onboarding to crypto can be tricky for users: it can take a long time, require lengthy KYC processes (which often require a lot of back-and-forth communication) and the use of multiple apps, to name just a few of the challenges.”
Apple Pay Onramp is not new in the crypto market
Some customers have already gained access to the new Apple Pay function last week, with which Coinbase wants to test the technology. It is expected that more and more users will bet dollars or euros to buy cryptocurrencies. Yet this technology is not new. Other wallets, such as Metamask (part of the Ethereum network) and Phantom, already use similar onramp functionalities.
Impact on the crypto market
Coinbase has millions of users and processes an average of $8 billion in transactions per quarter. The platform is also popular among institutional investors. The introduction of Coinbase Onramp with Apple Pay features could potentially attract millions of dollars in additional capital, which could positively impact the cryptocurrency market.
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Source: https://newsbit.nl/coinbase-lanceert-apple-pay-integratie-voor-crypto-aankopen/
