Coinbase Adopts Apple Pay for Crypto Purchases amid Market Slowdown

11 views 12:55 pm 0 Comments April 11, 2024

To facilitate cryptocurrency purchases for United
Kingdom-based users, the crypto exchange Coinbase has announced the integration
of Apple Pay functionality. This development allows users to buy Bitcoin and
other digital assets directly through their iPhones using the Apple Pay
feature.

According to Coinbase, enabling Apple Pay provides users
with a “more secure and private” method of purchasing
cryptocurrencies. The exchange emphasized that when transactions are made using
Apple Pay, card numbers are not stored on the device or Apple servers. Instead,
a unique device account number is assigned, encrypted, and stored in a chip
designed for securing payment information.

This integration arrives at a time when the cryptocurrency
market is experiencing a slowdown in trading volume and retail interest.
Coinbase recently reported decreasing crypto volumes as the market seeks new
narratives to drive prices higher. While the upcoming Bitcoin halving event
could potentially spark price increases, the exchange acknowledged the
challenge of navigating a historically weak period for risky assets like
crypto.

Daniel Seifert, the Country Director, Coinbase, UK, said
that the new integration helps make accessibility to digital assets easier in
the country. He said: β€œWe know users
already love using Apple Pay in their daily lives, so it only made sense to
bring this convenient way to pay to Coinbase as well.”

Crypto Social Media Engagement Wanes Despite Market Buzz

Beyond trading volume, social media engagement data also
indicates subdued retail interest in cryptocurrencies. LunarCrush, a social
analytics platform, observed fewer posts related to Bitcoin, Ethereum, and
other cryptocurrencies on social media platforms. CEO Joe Vezzani noted that
social interactions within the crypto space are currently lower compared to
previous bull markets, even after accounting for spam and bot activity.

To facilitate cryptocurrency purchases for United
Kingdom-based users, the crypto exchange Coinbase has announced the integration
of Apple Pay functionality. This development allows users to buy Bitcoin and
other digital assets directly through their iPhones using the Apple Pay
feature.

According to Coinbase, enabling Apple Pay provides users
with a “more secure and private” method of purchasing
cryptocurrencies. The exchange emphasized that when transactions are made using
Apple Pay, card numbers are not stored on the device or Apple servers. Instead,
a unique device account number is assigned, encrypted, and stored in a chip
designed for securing payment information.

This integration arrives at a time when the cryptocurrency
market is experiencing a slowdown in trading volume and retail interest.
Coinbase recently reported decreasing crypto volumes as the market seeks new
narratives to drive prices higher. While the upcoming Bitcoin halving event
could potentially spark price increases, the exchange acknowledged the
challenge of navigating a historically weak period for risky assets like
crypto.

Daniel Seifert, the Country Director, Coinbase, UK, said
that the new integration helps make accessibility to digital assets easier in
the country. He said: β€œWe know users
already love using Apple Pay in their daily lives, so it only made sense to
bring this convenient way to pay to Coinbase as well.”

Crypto Social Media Engagement Wanes Despite Market Buzz

Beyond trading volume, social media engagement data also
indicates subdued retail interest in cryptocurrencies. LunarCrush, a social
analytics platform, observed fewer posts related to Bitcoin, Ethereum, and
other cryptocurrencies on social media platforms. CEO Joe Vezzani noted that
social interactions within the crypto space are currently lower compared to
previous bull markets, even after accounting for spam and bot activity.