Coinbase Wallet noted the impact of Apple disabling the new version means on iPhone users.
Crypto firm Coinbase (NASDAQ: COIN) said Apple (NASDAQ: AAPL) had disabled the latest version of its Coinbase Wallet. The crypto company took to Twitter to explain the reason behind the disablement, revealing that Apple wants it to remove the feature that allows users to send NFTs on Coinbase Wallet iOS. Coinbase added that Apple said the latest version would remain inactive until the feature is disabled. In addition, the company mentioned that Apple took the step in order to have access to 30% of the gas fee.
“Apple’s claim is that the gas fees required to send NFTs need to be paid through their In-App Purchase system, so that they can collect 30% of the gas fee.”
Apple may be unable to take 30% of gas fees related to blockchain transactions as it would need to integrate a Web3 interface on its operating system. As of now, iOS does not support Web3. Coinbase Wallet also mentioned in the Twitter thread that it is impossible for Apple to take 30% of gas fees since its operating system does not support cryptocurrency. As the tweet noted, Apple’s proprietary In-App Purchase system does not support crypto even if Coinbase Wallet wants to comply. Coinbase Wallet continued on the new restriction from Apple:
“This is akin to Apple trying to cut of fees for every email that gets sent over open Internet protocols.”
iPhone Users at Disadvantage as Apple Disables the Coinbase Wallet Latest Version
Coinbase Wallet noted the impact of Apple disabling the new version means on iPhone users. iPhone users who hold NFTs in their wallets will find it difficult to transfer their non-fungible tokens to other wallets. According to the self-custodial crypto wallet, Apple has introduced “new policies to protect their profits at the expense of consumer investment in NFTs and developer innovation across the crypto ecosystem.”
Former software engineer at Apple and MetaMask developer argued that the 30% tax is an abuse of monopoly. He also assumed that Apple would soon target other wallets, including MetaMask.
Before Coinbase, Apple has been in different situations with the NFT community over the 30% App Store fee. The fee has restricted NFT marketplaces from offering NFT trading within their mobile apps. While Coinbase called out Apple on Twitter, the crypto platform also mentioned that the disablement could be an oversight from Apple. Hence, it requested communication with the company if need be.
Elon Musk recently revealed that Apple threatened to remove the bluebird app from its App Store. The billionaire also questioned the same 30% In-App fee policy that many believe is a sign of monopoly by Apple.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
