Coinbase Integrates Apple Pay for UK Users: A Leap Towards Simplifying Crypto Purchases

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In simpler terms, Apple Pay users in the UK can now buy cryptocurrencies like Bitcoin from Coinbase using their iPhones. This new integration makes it easier and more convenient for people in the United Kingdom to invest in cryptocurrencies.

Based on an article from Cointelegraph, Coinbase emphasizes the security and privacy perks when purchasing digital currencies through Apple Pay. Amid growing worries about financial data protection, Coinbase explains that Apple Pay’s structure keeps users’ card information away from their devices and Apple servers. Instead, a distinct device account number is generated, encrypted, and safely stored within the device’s advanced payment chip adhering to industry standards. This approach not only fortifies transaction security but also shields users’ financial details from exposure.

Daniel Seifert, the UK Country Director for Coinbase, highlighted the importance of integrating Apple Pay in their platform, as Apple Pay is popularly used among British consumers for its ease in everyday transactions. He stated, “Given that people in the UK already enjoy using Apple Pay for their routine purchases, it was a logical step to offer this convenient payment method on Coinbase as well.” This integration aims to simplify the process of purchasing digital assets for UK residents and could potentially broaden the crypto market within the region.

At a point when cryptocurrency trading volumes and retail engagement are decreasing, Coinbase introduces an initiative. Their goal is to make purchasing cryptocurrencies easier and safer for users, revitalizing the market and attracting newcomers. With approximately 6 million UK adults already owning crypto, Apple Pay integration is a strategic move by Coinbase to simplify the process of acquiring digital assets, aiming to boost this number substantially.

On the week of April 5, 2024, Coinbase Institutional shared their latest Weekly Market Commentary. In this report, an analyst from Coinbase Research named David Han wrote that cryptocurrency markets have been declining since remarks made by Federal Reserve Chairman Jerome Powell.

The report notes that there’s been uncertainty about the market’s future course in cryptocurrencies, stocks, and other risky investments during the past week. These assets have exhibited minimal price changes as a result.

Coinbase notes that increasing worries about inflation causing a need for monetary easing have caused investors to predict rate reductions by the end of this year. For the first time since 2024, this expectation is more aggressive than the Federal Reserve’s stance. By April 4, the predicted year-end interest rate had climbed to 4.631%, which is much higher than the 3.825% forecasted in early January and above the Federal Reserve’s projected median of 4.625%.

In today’s economic situation, gold has become the top gainer, reaching new highs due to increased central bank buying, heightened geopolitical conflicts, and concerns over reflation. As stated in the Coinbase report, the price increase of gold is frequently associated with Federal Reserve rate cuts and inflation surges. The market seems to place greater importance on addressing inflation fears than Fed rate adjustments. Moreover, there’s a growing belief that inflation could pose greater challenges than anticipated, based on Coinbase’s research.

According to the analysis by Coinbase’s research team, Bitcoin being viewed as “digital gold” by an expanding investor base could be a significant development under today’s economic circumstances. Han believes that market declines will be more aggressively bought up than in previous trends, with continued price instability during the value estimation stage. Additionally, the launch of US Bitcoin spot ETFs, which expand investment opportunities, might help reduce volatility observed in past price fluctuations, as suggested by Coinbase’s data.

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2024-04-10 18:30