Coinbase CEO accuses Apple of stifling cryptocurrency innovation

Coinbase CEO Brian Armstrong has accused Apple in a series of tweets.
Apple is currently facing a lot of flack from Twitter for its new App Store rules.
In October 2019, the Apple CEO claimed that they would have nothing to do with cryptocurrencies.

Brian Armstrong, co-founder and CEO of Coinbase, took to Twitter to air his grievances on Apple’s role in stifling mainstream cryptocurrency innovation. Armstrong said:

Here is the issue. Apple has told us we cannot add the following functionality in our iOS apps: (1) the ability to earn money using cryptocurrency and (2) the ability to access decentralized finance apps (sometimes called DeFi apps or Dapps).
— Brian Armstrong (@brian_armstrong) September 11, 2020

Armstrong’s comments come in the wake of the new Apple App Store rules that have come under heavy criticism. App developers argue that the company has too much control over what software runs on iPhones. Plus, they are entitled to 30% of all revenue.

Apple doesn't ask Netflix or Disney to submit movies / TV shows individually into the App Store. Apple wants a 30% cut of in-app purchases from games, because they're the biggest thing on the store. Gaming also biggest entertainment industry that Apple is not a serious part of
— Tom Warren (@tomwarren) September 11, 2020

Epic Games, the company behind Fortnite, is currently in a legal battle with Apple over several of its requirements. Apple had removed Fortnite from its app store last month.

Apple and cryptocurrencies

Back in September 2019, Jennifer Bailey, vice president of Apple Pay, told CNN that they were keeping an eye out on blockchain-based digital currencies. Back then, the iPhone makers released CryptoKit for iOS 13, which allowed developers to easily create hashes for digital signatures. Public and private keys could be stored and managed by Apple's Secure Enclave, as well.

However, a month later, Apple CEO Tim Cook made it clear that the company will have nothing to do with digital currencies. In an interview with Les Echos, Cook said:

No. I really think that a currency should stay in the hands of countries. I’m not comfortable with the idea of a private group setting up a competing currency....A private company shouldn’t be looking to gain power this way.

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