The dispute between Coinbase and Apple comes at a challenging time for the cryptocurrency exchange, whose shares have dropped by around 80 percent so far in 2022. In addition, the company has reduced its workforce as a cost-cutting measure in response to the decline in investor interest in cryptocurrencies.
Apple’s Monopoly Raises Concern
The team behind the app notes that Apple has introduced profit-protecting policies that come at the expense of “developer innovation across the crypto ecosystem.” Coinbase Wallet is hoping that this is a mistake and has tweeted an invitation to Apple to discuss the matter further.
The “30 percent fee” has been a contentious point between the world’s most valuable company and other app developers like Spotify and “Fortnite” maker Epic Games, which have accused the company of misusing its “monopoly”.
Apple Vs. Elon Musk
Very recently, the electronics giant also took strong steps against Twitter by completely shutting down its advertising activities on the platform. Elon Musk sarcastically cited that Apple may have been against free-speech and therefore planned on ditching the social media platform for their online marketing.
Read More: Elon Musk Says Apple Has Stopped Advertising On Twitter
Following this, Elon Musk also accused Apple of threatening to remove Twitter from their App Store. On Monday, he tweeted that Apple is allegedly threatening to “withhold” Twitter from its App Store, without specifying the reasons.
However, on Wednesday, Musk met Apple’s CEO Tim Cook, and also shared a video of the Apple headquarter. He claimed that the situation has been resolved between the two and the fact that Twitter could potentially be removed from the App Store was a mere “misunderstanding”. According to Musk, Apple never considered it in the first place.