Coinbase recently revealed its latest development for UK users: it allows them to conveniently purchase cryptocurrencies using Apple Pay.
Apple Pay guarantees that card numbers are not stored on devices or servers.
The stock price of Coinbase (COIN) has surged by more than 5% in response to the recent news.
Coinbase, a prominent cryptocurrency exchange, has recently made an exciting announcement for its users in the UK. They can now conveniently purchase Bitcoin, Ethereum, and other cryptocurrencies using Apple Pay on their iPhones. This initiative is designed to ensure a secure and private purchasing experience.
Coinbase states that integrating Apple Pay enhances security for users by ensuring no storage of card numbers on the device or Apple servers. Cutting-edge technology generates and stores a device account number in a highly secure chip, ensuring all transactions occur with utmost privacy and security.
Daniel Seifert, the UK Country Director of Coinbase, emphasized the convenience of accessibility provided by this integration. By simplifying the process and making it more accessible, Coinbase strives to expand the number of cryptocurrency owners in the UK, which currently stands at over six million adults.
Coinbase Integrates Apple Pay in UK Despite Crypto Market Downturn
The integration comes when the crypto market is experiencing a slowdown, with decreasing volumes and retail interest. However, Coinbase remains optimistic and sees this as a chance to use Apple Pay’s widespread use to improve accessibility to digital assets in the UK.
The cryptocurrency market has experienced a significant decline, yet Coinbase maintains a positive outlook.
The crypto market’s volume decline prompts exploration of new narratives to stimulate growth. Coinbase recognized this trend on April 5, highlighting the influence of seasonal patterns that usually decrease interest in more volatile assets such as cryptocurrencies.
Nevertheless, the exchange maintains optimism, highlighting the upcoming Bitcoin halving as a possible trigger for increased prices. This viewpoint aligns with the general market’s expectations of events that could revive investor interest and market activity.
Kunal Goel, a Senior Research Analyst at Messari, predicts a substantial rise in Coinbase’s revenue for the first quarter, with an expected surge of 89% to $1.5 billion. The significant increase in growth stems from a surge in trading volume, driven by the approval of spot Bitcoin ETFs and a record-level surge in trading activity. The platform’s financial health shines through its transaction revenue, which constitutes two-thirds of net income, even amid fluctuating market conditions.
COIN Price Rises 5% Despite Decrease in Crypto Enthusiasm
Recent social media analytics indicate a decline in retail interest in cryptocurrencies. LunarCrush, a social analytics platform, has observed a decrease in the number of posts discussing crypto-related topics like Bitcoin and Ethereum. Joe Vezzani, the CEO of LunarCrush, compared the activity levels in the current market to those observed during previous bull markets, highlighting a notable decrease.
According to Coinweber’s live price, the stock price of Coinbase (COIN) has increased by more than 5% in the past 24 hours, as reported in the news. The current trading rate for the COIN is $256.99, and it has a 24-hour trading volume of $10,042,177.00. Over the past month, the COIN experienced a range of prices, hitting a low of $230 and a high of $279.
