Apple Blocks Coinbase Wallet Release On iOS
Apple blocks Coinbase Wallet app release, requesting 30% of all NFT transfer fees.
By Anna B Kiwanuka
The Coinbase wallet for iOS has been disabled by Apple. According to facts from a Coinbase tweet thread, iOS users won’t be able to transmit NFTs from their wallets on iOS devices any longer.
Coinbase also claimed in the tweet that Apple has halted the rollout of their most recent feature until they turn off the functionality.
According to Coinbase, the main reason cited and mentioned 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.
Additionally, Coinbase mentioned that, for anyone who understands how NFTs and blockchain work, Apple’s request is impossible.
“Apple’s proprietary In-App Purchase system does not support crypto, so we couldn’t comply even if we tried,” Coinbase said.
Coinbase also stated, “Apple has introduced new policies to protect their profits at the expense of consumer investment in NFTs and developer innovation across the crypto ecosystem.”
Coinbase also mentioned that this is similar to Apple trying to grab a cut of fees for every email sent over open internet protocols. One of the biggest troubles with this action by Apple is that iOS users holding their NFT in an iPhone wallet have to go through a lengthy process to transfer the NFT.
The decision will undoubtedly have an impact on a large segment of iOS users who keep their NFTs in their iPhone wallets. If the decision is overturned, how that will impact the ecosystem as a whole is unknown.