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In summary
- Coinbase integrated Apple Pay into its Onramp service, facilitating fiat-to-crypto purchases, including Bitcoin and Dogecoin, at no additional cost with USDC.
- The feature will allow apps like Moonshot to accept up to $500 per user per week through Apple Pay without KYC requirements.
- With more than 60 million Apple Pay users in the US, Coinbase seeks to simplify incorporation into on-chain economies and expand its reach.
Coinbase announced on Monday that Apple Pay is now integrated with its Coinbase Onramp service, which allows crypto apps to enable fiat-to-crypto purchases for assets like Bitcoin, Dogecoin, and many more.
With the integration of Apple Pay, crypto app users using Coinbase Onramp can use Apple’s payments service for all fiat-to-crypto purchases, with free entry or exit via USDC, a popular stablecoin that is pegged to the value of $1.
“Now in seconds instead of minutes, users can fund their wallets using one of the most widely used payment methods in the US,” Nemil Dalal, Developer Platform Director at Coinbase, told Decrypt.
Popular apps like Moonshot, a mobile app that makes it easy for users to trade memecoins, can make use of the new feature, allowing its users to add up to $500 per week through Apple Pay via Coinbase Onramp—no know-your-customer requirements (KYC).
Data from Oberlo, cited by Coinbase in its announcement of the feature, predicts that there are more than 60 million Apple Pay users in the United States who can now make use of the feature. That number is expected to increase to 67 million users by 2026.
Coinbase has a history with Apple Pay, allowing Coinbase Card users to link it to their Apple Pay accounts since 2021, while enabling purchases and withdrawals through debit cards linked through Apple Pay later that year.
Coinbase is a prominent American Cryptocurrency exchange, and the announcement is the latest in its attempts to simplify the onboarding process for users and ease their entry into on-chain economies. In November, the company announced that it was acquiring Utopia Labs to accelerate on-chain payments through its Ethereum layer 2 network, Base.
Coinbase Onramp, which comes with built-in KYC and compliance, supports over 100 crypto tokens and over 60 fiat currencies.
Edited by Andrew Hayward
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