Coinbase Says Apple Blocked Its App Release Over Gas Fees
- In December 2021, Coinbase revealed that it would add NFT compatibility to its self-custody wallet, enabling users to access marketplaces like OpenSea through the app.
- The trading platform recently announced plans to stop supporting Bitcoin Cash, XRP, Ethereum Classic, and XLM due to poor usage.
Crypto wallet provider Coinbase announced on Thursday that IOS users could no longer send or receive NFTs on the crypto wallet following interference from Apple. According to the self-custody wallet, “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.”
Coinbase claimed it would be unable to meet Apple’s demand even if it tried because the smartphone producer’s exclusive in-app purchasing system does not enable cryptocurrency. The trading platform claimed Apple tried to hinder its NFT transactions through its new policies, which it said was “to protect their profits at the expense of consumer investment in NFTs and developer innovation across the crypto ecosystem.” According to Coinbase, the act was comparable to Apple seeking to charge a fee for each email sent using open internet protocols.
Coinbase noted that the new policy would affect iPhone users, making it difficult to send NFTs to other wallets. However, Coinbase believes the block might have been a mistake and urged Apple to get in touch with the company if there were any problems. Apple has faced criticism in the past for its charges, with platforms such as Epic Games and Spotify accusing Apple of misusing its monopoly.
Coinbase has not had the best year and has suffered greatly from the bear market. The platform’s shares are down over 80%, meaning any problem with Apple comes at the wrong time. Coinbase also had to lay off employees to reduce costs. Interestingly, other crypto companies have adopted similar practices following reduced trading activities and investor presence in the market.
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