Cryptocurrency exchange Coinbase has announced that users in the UK can now utilize the Apple Pay feature on their iPhones to purchase Bitcoin, Ethereum, and other digital assets. This move is aimed at providing users with a more secure and private method of acquiring cryptocurrencies.
When making a purchase with Apple Pay, Coinbase emphasizes that the card number is not stored on the device or on Apple's servers. Instead, a unique device account number is encrypted and stored in a standard chip dedicated to storing payment information.
Daniel Seifert, the UK country director for Coinbase, expressed enthusiasm about the integration, stating that it will enhance accessibility to digital assets in the country. He highlighted the popularity of Apple Pay among users in their daily lives, making it a logical addition to Coinbase's payment methods.
With over 6 million adults in the UK owning cryptocurrencies, Coinbase views the Apple Pay integration as a step towards further expanding this user base. By reducing barriers to entry for digital assets, the exchange aims to contribute to the growth of cryptocurrency adoption in the region.
Despite the efforts to increase accessibility, the cryptocurrency market is experiencing a slowdown in trading volumes and retail interest. Coinbase acknowledged this trend, attributing it to the search for catalysts to drive prices higher, particularly during what it describes as a typically weak period of the year for risky assets like cryptocurrencies.
Furthermore, social media engagement data indicates a decline in retail interest in cryptocurrencies, with fewer posts related to digital assets observed on platforms like LunarCrush. CEO Joe Vezzani noted this decrease in social interaction, suggesting that social media activity in the cryptocurrency space may be on the decline, excluding spam and bots.
