TLDR
- Coinbase has integrated Apple Pay into its Coinbase Onramp service for fiat-to-crypto transactions
- Apple Pay has over 500 million global users, with 60 million in the US
- Coinbase continues to offer free USDC on/off-ramping to reduce market entry costs
- MetaMask has also added multiple payment options including Venmo and Apple Pay
- The stablecoin market has grown 13% since November, reaching nearly $22 billion
Cryptocurrency exchange Coinbase has announced the integration of Apple Pay into its Coinbase Onramp service, marking another step toward making cryptocurrency purchases more accessible to everyday users.
The announcement, made on December 2, 2024, introduces a new payment option for users looking to convert traditional currency into cryptocurrency.
The integration taps into Apple Pay’s massive user base, which includes more than 60 million active users in the United States and extends to over 500 million users worldwide as of 2023. This move allows Coinbase to reach a broader audience of potential cryptocurrency investors who already use Apple’s payment service in their daily lives.
Coinbase Onramp, the company’s tool for integrating crypto purchases into various apps and websites, aims to simplify the process of buying cryptocurrency. The service features a streamlined Know Your Customer (KYC) process for eligible users, reducing the traditional barriers to entry in cryptocurrency investment.
For developers who have already implemented Coinbase Onramp in their applications, the integration requires no additional work. The Apple Pay option will appear automatically when users make eligible purchases, creating a seamless experience for both developers and end users.
The company continues to maintain its policy of free USD Coin (USDC) on and off-ramping, a feature that helps reduce costs for users entering and exiting the cryptocurrency market through this stablecoin. This approach aligns with broader industry efforts to make cryptocurrency more accessible to retail investors.
Coinbase’s move follows similar initiatives by other major players in the cryptocurrency space. MetaMask, a popular cryptocurrency wallet, recently expanded its payment options to include Venmo, adding to existing options such as Apple Pay, debit and credit cards, PayPal, wire transfers, and ACH bank transactions.
In a related development, Consensys, the company behind MetaMask, launched a Mastercard-powered crypto debit card in August. This card enables users to spend their cryptocurrency balances directly from their wallets, further bridging the gap between traditional and digital currencies.
The stablecoin market has shown notable growth, expanding by approximately 13% since reaching $187.4 billion in November. The current market size stands at nearly $22 billion, indicating increased activity in this sector of the cryptocurrency market.
These developments come at a time when cryptocurrency prices are rising, suggesting renewed interest from retail investors. Companies across the industry are responding by implementing features that make it easier to invest in and use cryptocurrency.
The trend extends beyond payment options, as cryptocurrency platforms are also expanding their token offerings. Robinhood, a popular trading platform, has recently added four new cryptocurrencies to its platform, including the memecoin PEPE.
Coinbase itself is planning to increase its memecoin listings in the coming year, aiming to attract more retail trading activity. This strategy reflects the platform’s efforts to diversify its offerings while maintaining accessibility for users.
For users of apps that implement Coinbase Onramp, the Apple Pay integration provides an additional payment method that many are already familiar with. The feature allows users to complete cryptocurrency purchases using their existing Apple Pay accounts, streamlining the transaction process.
The implementation maintains Coinbase’s security standards while adding the convenience of Apple Pay’s user-friendly interface. Users can now purchase cryptocurrency with the same ease as making any other Apple Pay transaction.
Technical aspects of the integration ensure that transactions remain secure while providing the speed and convenience that Apple Pay users expect. The system works within existing security frameworks established by both Coinbase and Apple.
The most recent data shows that the integration is now live and available to users of Coinbase Onramp-enabled applications as of December 2024.
