Coinbase has enabled Apple Pay, allowing for immediate conversions between fiat currencies such as dollars and pounds and crypto currencies.
The new feature is accessible through Coinbase Onramp, which facilitates fiat payments for eligible users of the Coinbase app.
In a statement announcing the update on 2 December, Coinbase said it would make for “a faster end-to-end experience, taking seconds to convert from fiat-to-crypto”.
The integration also offers greater “access to the most popular payment methods” and “easier onramping for the 60 million+ US users of Apple Pay”.
Coinbase is one of 44 (as of 11/9/24) on the Financial Conduct Authority’s Cryptoasset Firms register which are legally allowed to offer crypto investing and trading services to UK customers.
The full list, as well as information regarding their services, can be viewed here.
Is this a seal of approval on crypto from Apple?
The move by Apple to provide access to Apple Pay on Coinbase came shortly before the price of Bitcoin passed $100,000 for the first time ever on Thursday, 5 December.
In addition to a wave of new interest in bitcoin exchange traded funds (ETFs), which track its performance, much of the latest surge in the value of the cryptocurrency has followed the election of Donald Trump as US president in November.
Trump’s incoming administration is widely anticipated to take a less stringent regulatory approach to the crypto industry than that of his predecessor Joe Biden.
The tie-up between Coinbase and Apple Pay could suggest that Apple is becoming more comfortable with the crypto industry, in light of this broader change. It is also likely to propel the ongoing crypto boom even further.
Good Money Guide founder Richard Berry recently wrote about his adventures investing in bitcoin through Coinbase.
After investing £500 through the exchange in July, he managed to double his money by the end of November. However, he still views crypto “as an imaginary asset” that should be treated with extreme suspicion”.
You can read his full explanation on why this is the case through this link. If you are still interested in buying bitcoin, you can read our guide on how to do so safely in the UK here.
Robin has more than six years of experience as a financial journalist, most of which were spent at Citywire, and covers the latest developments in the investing, trading and currency transfer space. Outside of work, he enjoys reading literature and philosophy and playing the piano.
You can contact Robin at robin@goodmoneyguide.com
