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Apple - Is this the biggest news in crypto that nobody has picked up on yet?

Apple - Is this the biggest news in crypto that nobody has picked up on yet?

The device that would give crypto the hugest possible amount of adoption is very probably the Apple iPhone. The fact that Apple has had to change its practices in a legal settlement, has the potential to lead to that adoption. 

According to Ran Neuner, entrepreneur and the face of the fast-growing YouTube channel Crypto Banter, there are two barriers to massive crypto adoption on the Apple iPhone.  

One is Apple itself. Apple is the “gatekeeper” of its own phone by way of the Apple iStore. Also, Google is the other gatekeeper because it controls app access through the Android Store. 

Both Apple and Google channel all users through to their stores to buy apps, and they also dictate how those apps are paid for. Apple takes 30% of every in-app purchase, and does not allow any other purchases to take place that aren’t in-app. 

Neuner refers to an article on Market Watch, entitled “Apple will change its App Store practices in legal settlement”. He cited the opening paragraph: 

“In settling class-action lawsuit, Apple agrees to allow developers to direct consumers to payment options outside of their app, which would allow them to avoid fees Apple charges developers” 

In addition, this means that app developers will be able to use any payment mechanism they wish, which opens the way for crypto.  

Neuner also points to the following excerpt from the article: 

“Perhaps the biggest concession from Apple would let developers finally communicate directly with customers about alternative payment options, with their permission, using information collected inside their apps.” 

Neuner believes that the implication here is that developers will have the choice not to use Apple Pay or credit cards, but instead to accept any cryptocurrency of their choosing. 

According to Neuner, this is just a “small settlement”, and that a separate lawsuit involving the makers of the Fortnite videogame, Epic Games, is also being fought, in order to challenge Apple’s payment options. 

The same judge who ruled in favour of allowing app developers to choose their own payment options is also ruling in the Apple versus Epic Games lawsuit. Neuner states: 

“We are moving Apple out of the way from blocking crypto adoption” 

Finally, Neuner quotes the following from Walter Bloomberg of the Wall Street Journal, who writes about a similar situation in South Korea: 

“Seoul requires Google and Apple to allow competing payment systems, threatening their 30% cut of in-app digital sales” 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.