Coinbase's integration of Apple Pay marks a significant step in driving the adoption of cryptocurrencies in the UK, providing a more secure and private method of purchasing for users. This initiative aims to increase the number of cryptocurrency holders in the country, already estimated at more than six million adults.
Strategic integration to simplify the purchase of cryptos
Coinbase has announced that its UK-based users can now purchase Bitcoin, Ethereum and other digital assets directly through their iPhone's Apple Pay functionality. This integration is seen as a step to make access to digital assets easier and more secure, by offering a payment method already widely used and appreciated in the daily lives of consumers.
Security and privacy at the heart of concerns
Coinbase's Apple Pay integration highlights the importance of security and privacy in cryptocurrency transactions. By using Apple Pay, users benefit from an extra level of security. When users make purchases through Apple Pay, card numbers are not stored on the device or Apple servers, ensuring enhanced security. This method uses a unique account number for each device, which is then encrypted and saved in an industry-standard chip for storing payment information.
Future prospects and current challenges
Although the integration comes amid declining volume and retail interest in cryptocurrencies, Coinbase remains optimistic. The company sees the integration of Apple Pay as an opportunity to increase the number of cryptocurrency holders in the UK, despite what is considered a difficult time for risky assets like cryptos. The upcoming Bitcoin mining reward halving could also play a catalytic role in price action, according to Coinbase.
