Coinbase Integrates Apple Pay for Crypto Purchases

Coinbase, a globalized crypto currency exchange, has announced the integration of Apple Pay, allowing its users to purchase digital assets such as Bitcoin directly using their iPhones.

Coinbase believes that Apple Pay provides a "more secure and private" method for buying cryptocurrency. When a credit or debit card is added to Apple Pay, the card information is neither stored on the device or on Apple's servers. Instead, a unique device account number is assigned, encrypted, and stored in a chip designed to secure payment information.

In addition, Coinbase recently reported a slowdown in interest in cryptocurrency trading, acknowledging that riskier assets like crypto often face challenges due to market weakness. In an effort to make it easier for users to access digital assets, Coinbase decided to integrate this new payment feature.

Daniel Seifert, UK Country Director at Coinbase, stated: "We know users already love using Apple Pay in their daily lives, so it only made sense to bring this convenient way to pay to Coinbase as well."

Notably, Coinbase's dispute with the U.S. regulatory agency SEC has received widespread industry attention. In June last year, the U.S. Securities and Exchange Commission (SEC) sued Coinbase for illegal operations​, saying that it violated the Securities Act by selling crypto products without registering them, and subsequently required the exchange to suspend all cryptos transaction other than Bitcoin.

Coinbase has taken a proactive stance in fighting back against the SEC. They They filed a petition requesting the SEC to establish new regulations and industry operating standards for the digital asset industry. However, their petition was rejected by the SEC​ in December 2023.

In March of this year, Coinbase filed a lawsuit​ with the U.S. Circuit Court of Appeals, claiming that the SEC's lack of clear guidelines for digital asset supervision constituted a violation of the law and contributed to industry instability. Additionally, Coinbase's chief legal officer, Paul Grewal, criticized a letter from two U.S. senators urging the SEC to tightly regulate Bitcoin ETFs and reject further crypto ETF applications.

Earlier this month, the U.S. Court of Appeals for the Second Circuit ruled​ that the secondary sales of cryptocurrencies on the Coinbase platform do not violate the Securities Exchange Act. This ruling marked a significant victory for Coinbase in its ongoing dispute with the SEC.