Coinbase recently made a significant announcement, revealing the integration of Apple Pay into its Coinbase Onramp service. This move is set to revolutionize the process of converting fiat currency into cryptocurrency, providing users with a faster and more user-friendly experience. With Apple Pay boasting over 60 million active users in the US and a staggering 500 million users globally as of 2023, the integration is expected to streamline the onboarding process for new crypto investors.
Coinbase Onramp, a tool designed to facilitate crypto purchases within apps and websites, aims to simplify the Know Your Customer (KYC) process for eligible users. In addition to the Apple Pay integration, Coinbase is also offering free USD Coin (USDC) on and off-ramping, reducing the costs associated with entering and exiting the crypto market through its stablecoin.
Developers already using Coinbase Onramp will seamlessly transition to the new Apple Pay integration, with the payment option automatically appearing for eligible purchases. This development is part of a larger trend within the crypto industry to lower barriers to entry and make investing in cryptocurrency more accessible to a wider audience.
MetaMask, for example, recently added Venmo as a fiat-to-crypto option, alongside Apple Pay, debit and credit cards, PayPal, wire transfers, and ACH bank transactions. ConsenSys, the company behind MetaMask, also introduced a Mastercard-powered crypto debit card, enabling users to spend their crypto balances directly from their wallets.
As the stablecoin market continues to grow and crypto prices surge, companies are actively seeking ways to make crypto investing and usage more convenient for retail investors. With the stablecoin market expanding by approximately 13% since reaching an all-time high of $187.4 billion in November, the industry is witnessing a shift in retail investors’ approach to entering the crypto space.
In addition to enhancing accessibility for new crypto investors, crypto firms are diversifying their offerings to cater to a broader audience. Robinhood recently added four new cryptocurrencies to its platform, including the popular memecoin PEPE, while Coinbase is looking to increase its memecoin listings in the coming year to attract more retail traders.
Overall, the integration of Apple Pay into Coinbase’s Onramp service marks a significant step towards making cryptocurrency more accessible and user-friendly for a wider audience. As the industry continues to evolve and innovate, we can expect to see more advancements aimed at simplifying the crypto investment process for both new and experienced users.