As an analyst with over a decade of experience in the financial industry, I’ve witnessed the evolution of digital currencies from a distant spectator. The integration of Apple Pay into Coinbase’s Onramp platform is undoubtedly a game-changer.
Coinbase has made it easier and faster to convert traditional currency (fiat) into cryptocurrency by adding Apple Pay to its Onramp service.
According to a recent blog post on Coinbase, customers are now able to purchase cryptocurrencies through a familiar payment method used by millions of Apple device owners – Apple Pay.
Previously known as Coinbase Pay, Onramp now functions as a toolkit designed for developers. This toolkit enables third-party applications, including digital wallets and decentralized finance (DeFi) platforms, to integrate features that enable users to purchase cryptocurrency directly within the app. Notably, it is widely backed by popular wallets such as MetaMask, Rainbow, Phantom, and Coinbase Wallet.
Translating regular money into digital currencies has typically been a complex process, requiring several steps such as connecting bank accounts, maneuvering through various applications, and undergoing extensive identity verification procedures known as Know Your Customer (KYC).
With the addition of Apple Pay to Coinbase’s Onramp, transactions involving cryptocurrencies have been made more seamless. Now, users can quickly complete purchases in just seconds, taking advantage of the secure protection provided by Apple Pay. This latest update is designed to make it easier for people to enter the cryptocurrency market by offering a well-known and secure payment option that’s already connected to their bank accounts.
By incorporating Apple Pay, Onramp has introduced a smooth and cost-free method for users to acquire USDC stablecoins, making it even more appealing for people to adopt this digital currency.
Apple Pay, boasting more than 500 million active users worldwide, offers a convenient and reliable method for approximately 60 million users in the U.S. to swiftly and safely exchange traditional money (fiat currency) for digital currency (cryptocurrency), utilizing its well-known and trusted user interface.
Through this collaboration, developers find it easier to integrate Onramp into their applications during the development phase, and simultaneously, it improves the user’s ability to access various digital assets more efficiently.
With increasing interest in effortless cryptocurrency use, the partnership between Coinbase and Apple Pay represents a substantial stride towards blending conventional banking methods with blockchain technology.
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2024-12-03 00:52