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Highlights
- Coinbase announces integration of Apple Pay for UK users to buy cryptocurrencies.
- Apple Pay ensures card numbers are not stored on devices or Apple servers.
- Coinbase stock price (COIN) increases by over 5% following the news.
Coinbase, a leading cryptocurrency exchange, has announced that its UK-based users can now buy Bitcoin, Ethereum, and other cryptocurrencies using Apple Pay on their iPhones. This move aims to provide a secure and private purchasing experience.
According to Coinbase, Apple Pay‘s integration ensures that card numbers are neither stored on the device nor on Apple servers, enhancing security for users. A unique device account number, encrypted and secured in a standard chip, facilitates these transactions, underlining the commitment to privacy and security.
Daniel Seifert, Coinbase’s UK Country Director, highlighted the ease of accessibility this integration offers. With over six million adults in the UK owning cryptocurrency, Coinbase aims to increase this number by reducing barriers to entry.
The integration arrives amidst a slowdown in the crypto market, with volumes and retail interest decreasing. Yet, Coinbase is optimistic, viewing this as an opportunity to leverage Apple Pay’s widespread use for enhancing digital asset accessibility in the UK.
Crypto Market Slumps, Coinbase Remains Optimistic
The crypto market is currently experiencing a decrease in volume, searching for new narratives to drive growth. Coinbase acknowledged this trend on April 5, noting the impact of seasonal patterns that typically dampen interest in riskier assets like cryptocurrencies.
However, the exchange remains hopeful, pointing to the upcoming Bitcoin halving as a potential catalyst for higher prices. This perspective aligns with the broader market’s anticipation of events that could reinvigorate investor interest and market activity.
Kunal Goel, a Senior Research Analyst at Messari, projects a significant increase in Coinbase’s revenue for the first quarter, expecting an 89% surge to $1.5 billion. This growth, attributed to a doubling in trading volume, follows the approval of spot Bitcoin ETFs and a record high in trading activity. Transaction revenue, making up two-thirds of net income, underscores the platform’s financial health amid fluctuating market conditions.
COIN Price Jumps 5% Despite Downturn in Crypto Interest
Current social media analytics reflect a downturn in retail interest in cryptocurrencies. LunarCrush, a social analytics platform, reported a decline in posts related to crypto keywords such as Bitcoin and Ethereum. Joe Vezzani, CEO of LunarCrush, compared the activity levels to those seen in previous bull markets, noting a significant reduction.
Following the news, Coinbase stock price (COIN) is up by over 5% according to Coingape’s live price in the last 24-hours. The COIN is currently being traded at the rate of $256.99, with a 24-hour trading volume of $10,042,177.00. In the previous 30 days, the COIN recorded lows of $230 and highs of $279.
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