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Tuesday, March 2, 2021

Apple Pay gives Coinmama green light for service integration

  • Coinmama exchange has now become the first crypto exchange authorized to integrate with Apple Pay.
  • Apple is seriously watching the crypto industry before launching more products and services.
  • Apple’s launch of Cryptokit shows the firm has a keen interest in the cryptocurrency industry.

According to a recent announcement, cryptocurrency exchange Coinmama is now the first crypto exchange with the authorization to integrate with ApplePay.

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The firms’ chief executive officer, Saqi Bakshi, in a statement, said that the company is now the first crypto firm to get the blessing of Apple Pay with the integration.

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 “According to the Apple Pay team, we are the first crypto company that gets their blessing with the integration,” he said. But all developers still have access to the Apple Pay’s API

It means that cryptocurrency exchanges have initially integrated Apple Pay, but didn’t receive official permission from Apple.

The integration of Coinmama’s platform into Apple Pay is the latest addition of a wide range of fiat payment options that are presently available on the Coinmama exchange, including SEPA, Mastercard, as well as Visa.

Apple preparing to enter the crypto space

Although the cryptocurrency-lined platforms currently added to the Apple Play platform has continued to rise, the interest of the technology giant in the cryptocurrency industry is still not as high as expected.

However, last year the firm revealed that it has a serious interest in the cryptocurrency industry.

That interest is still subdued as Apple has not made any major move to back up its claims. But this recent integration with crypto exchange Coinmama is a reminder that Apple is still interested in the industry, even though it’s not clear what has been delaying the company from entering the crypto space on a full scale.

Vice-chairman of Apple Pay, Jennifer Bailey, revealed to uj correspondent, Christine Romans that Apple is seriously monitoring the development in the cryptocurrency industry. She said the firm predicts that it has eye-catching potential for top players in the industry. According to her, Apple will be making a move in the industry soon, but it’s still watching where the market is headed at the moment.

Few months before Bailey’s statement, Apple setup “CryptoKit” for iOS 13, to help developers create hashes for digital signatures. This will be added to the private and non-private keys that will be stored in the company’s safe enclave.

This is a wide range of vital hardware in Apple gadgets used in protecting encrypted and delicate Apple data. When the CryptoKit was established, so many industry watchers thought that Apple was creating a means and cryptocurrency storage. However, others believe Cryptokit will not live up to expectations because it does not make use of the elliptic curves for blockchains. Time will tell whether Apple will finally put its foot totally in the cryptocurrency industry considering the little interest it has shown so far.

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