In an exciting and arguably significant development, Coinbase has claimed that Apple blocked the latest version of its wallet, causing users to be unable to transfer their own NFT tokens.
According to Coinbase, Apple claimed that the gas fee required to send the NFT must be paid through the in-app purchase system, so they can charge 30% of the fee.
Apple wants its share of the pie:
Coinbase further noted that Apple's request was completely unjustified because it was clearly not feasible.
Since Apple's proprietary in-app purchase system does not support crypto, Coinbase cannot comply even if they try.
The spat between Coinbase and Apple comes at a difficult time for the cryptocurrency trading platform, whose shares are down about 80% so far in 2022.
In addition, the company reduced its workforce as a cost-cutting measure in response to the decline in investor interest in cryptocurrency.
Apple's monopoly is worrying:
The team behind the app notes that Apple has introduced policies to protect profits that come at the expense of developer innovation across the crypto ecosystem.
Coinbase hopes this is a mistake and has tweeted an invitation to Apple to discuss the matter further.
The 30% fee has been a point of contention between the world's most valuable company and other app developers like Spotify and "Fortnite" maker Epic Games, who have accused the company of abusing its monopoly.
Elon Musk and Apple:
Recently, the electronics giant also took strong steps against the Twitter platform by shutting down its advertising activities on Twitter completely.
Elon Musk sarcastically suggested that Apple may have been against freedom of speech and therefore planned to drop its advertising on the social media platform.
After that, Elon Musk accused Apple and told that it was threatening to remove the Twitter app from their App Store.
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Whenever I see Coinbase, I always remember how I loose some BTC cause of carelessness.
I lost my password
I learnt the hard way
It is the battle between the giants!