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Coinbase CEO critiques Apple’s block on DeFi

Coinbase CEO Brian Armstrong took to Twitter to hash out his reproval on Apple’s alleged restrictive policies that bar crypto products on its mobile app.

Armstrong cited two types of services the platform wants to launch but are blocked by the tech giant. He claims it stifles innovation to protect itself from the competition.

‘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)’, Armstrong tweeted.

Apple justified its actions, deeming the app is not appropriate for the App Store because it offers crypto transactions in non-embedded software. Armstrong mentioned efforts for a dialogue with Apple were exhausted and reached a dead end.

‘Why would Apple want to prevent people from earning money during a recession? They seem to not be ok with it if it uses cryptocurrency. I’m not sure why. This is what our Coinbase Earn product does’, he went on to write. ‘We sometimes end up in bizarre negotiations with them, modifying the product, and asking users to jump through hoops to comply with their guidelines’.

Coinbase Earn product was hit by the first limitation from Apple that reportedly forced the crypto exchange to alter its app into a less user-friendly display.

The CEO also pointed out the opposition to giving a list of decentralized apps on the iOS platform since Dapps or DeFi apps are ‘just websites’. He then stressed that Coinbase does not have any missing features but are only censored by Apple.

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