Coinbase pushes for UK crypto adoption with Apple Pay integration

Users in the United Kingdom can now easily buy Bitcoin, Ethereum, and other digital currencies through crypto exchange Coinbase on their iPhones by utilizing the Apple Pay feature.

Using Apple Pay to purchase cryptocurrencies on Coinbase offers users an added layer of security and privacy.

Apple Pay transactions do not involve storing users’ card details on their devices or with Apple.

At Coinbase, each account comes with a distinct device number for transactions. This number is encoded using standard encryption methods and kept securely on a chip designed for safeguarding payment data.

Daniel Seifert, the U.K. representative of Coinbase, mentioned that the latest integration simplifies the process of obtaining digital assets in Britain for users.

“We 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.”

Based on Coinbase’s announcement, approximately 6 million adults in the U.K. currently hold cryptocurrencies. To expand this base, Coinbase plans to simplify access to digital assets by incorporating Apple Pay as a payment option.

In simpler terms, the addition of this feature occurs during a dip in crypto trading activity and waning enthusiasm from individual investors. According to Coinbase’s announcement on April 5, the volume of cryptocurrency transactions is shrinking as the market seeks a new compelling story to push prices up further.

The exchange pointed out that the approaching Bitcoin halving may lead to increased prices. Yet, the exchange warned that this period is usually challenging for riskier assets such as cryptocurrencies.

Apart from low crypto volumes, social media engagement data also shows weak retail interest in crypto. On April 10, data shared by the social analytics platform LunarCrush showed fewer social media posts on crypto-related keywords like Bitcoin, Ethereum and Solana (SOL).

According to Joe Vezzani, the CEO of LunarCrush, retail engagement and social media exchanges are currently lower than during past significant cryptocurrency bull markets. After filtering out false activity from bots, Vezzani speculates that there might be a decrease in social media involvement within the crypto community.

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2024-04-10 16:41