2024-04-11
Coinbase, a renowned cryptocurrency exchange, has made an exciting announcement for its users in the UK.
They can now conveniently purchase Bitcoin, Ethereum, and other cryptocurrencies using Apple Pay on their iPhones.
This integration aims to provide a secure and private buying experience, ensuring the safety of users' card numbers.
By integrating with Apple Pay, Coinbase ensures that card numbers are not stored on the device or Apple servers. Instead, a unique device account number, encrypted and secured in a standard chip, facilitates transactions.
This commitment to privacy and security enhances the overall user experience.
Daniel Seifert, the UK Country Director of Coinbase, emphasizes the accessibility that this integration brings.
With a significant number of adults in the UK already owning cryptocurrency, Coinbase aims to further increase this number by removing barriers to entry.
This integration comes at a time when the crypto market is experiencing a slowdown, with reduced volumes and retail interest. However, Coinbase remains optimistic and sees this as an opportunity to leverage the widespread use of Apple Pay for enhancing digital asset accessibility in the UK.
Although the crypto market is currently facing a decrease in volume, Coinbase acknowledges the impact of seasonal patterns that typically dampen interest in riskier assets like cryptocurrencies. Nevertheless, the exchange remains hopeful, pointing to the upcoming Bitcoin halving as a potential catalyst for higher prices.
This perspective aligns with the market's anticipation of events that could reinvigorate investor interest and market activity.
Kunal Goel, a Senior Research Analyst at Messari, projects a significant increase in Coinbase's revenue for the first quarter, expecting an impressive 89% surge to $1.5 billion.
This growth is attributed to a doubling in trading volume, driven by the approval of spot Bitcoin ETFs and a record high in trading activity.
The platform's strong financial health is evident in the two-thirds of net income generated from transaction revenue, showcasing its resilience amidst fluctuating market conditions.
Social media analytics currently reflect a decrease in retail interest in cryptocurrencies.
LunarCrush, a social analytics platform, reports a decline in posts related to crypto keywords like Bitcoin and Ethereum. This decline is compared to the activity levels seen in previous bull markets, indicating a significant reduction in retail engagement.
