Coinbase has officially integrated Apple Pay into its Coinbase Onramp service, making it easier and faster for users to convert fiat currency into cryptocurrency. This move comes as a response to the growing demand for streamlined processes in the crypto industry. With Apple Pay boasting over 60 million active users in the US and 500 million users globally, the integration is expected to attract more users to the platform.
Coinbase Onramp, a tool designed for seamless integration of crypto purchases into apps and websites, offers a simplified Know Your Customer (KYC) process for eligible users. In addition to the Apple Pay integration, Coinbase continues to provide free USD Coin (USDC) on and off-ramping, reducing the cost for users to enter and exit the crypto market through its stablecoin.
Developers already using Coinbase Onramp will experience a seamless transition with the integration of Apple Pay. Eligible users will automatically see the new payment option when making purchases. This move is part of Coinbase’s efforts to lower barriers to entry and make investing in crypto more accessible to a wider audience.
MetaMask, another prominent player in the crypto industry, recently added Venmo as a fiat-to-crypto option, along with Apple Pay, debit and credit cards, PayPal, wire transfers, and ACH bank transactions. Consensys, the company behind MetaMask, also introduced a Mastercard-powered crypto debit card, allowing users to spend their crypto balances more easily.
As the crypto market continues to evolve and stablecoin supply grows, companies are innovating to make investing and using crypto more convenient. Recent data shows a 13% increase in the stablecoin market since reaching an all-time high in November, indicating a shift in retail investors’ entry into crypto.
In addition to accessibility options for new investors, crypto firms are expanding their offerings to attract more users. Robinhood recently added four new cryptocurrencies to its platform, including the memecoin PEPE. Meanwhile, Coinbase is planning to increase its memecoin listings next year to appeal to a broader audience of retail traders.
Overall, the integration of Apple Pay into Coinbase Onramp marks a significant step towards making crypto more user-friendly and accessible to a wider audience. With the industry evolving rapidly, it will be interesting to see how other companies follow suit in innovating and diversifying their offerings to meet the changing demands of the market.