Coinbase announced the integration of Apple Pay into its Coinbase Onramp service, according to a Dec. 2 announcement.
The addition will streamline the process for users looking to convert fiat into crypto, making it faster and more user-friendly. Apple Pay has more than 60 million active users in the US and over 500 million users globally as of 2023.
Coinbase Onramp is a tool designed to integrate crypto purchases into apps and websites. It simplifies onboarding by offering lightweight Know Your Customer (KYC) processes for eligible users.
Alongside the integration with Apple Pay, Coinbase continues offering free USD Coin (USDC) on and off-ramping, lowering the cost for users to enter and exit the crypto market through its stablecoin.
For developers already using Coinbase Onramp, the integration with Apple Pay will be seamless. Users will automatically see the new payment option when making eligible purchases.
Lowering barriers
MetaMask recently added Venmo as a fiat-to-crypto option, along with Apple Pay, debit and credit cards, PayPal, wire transfers, and ACH bank transactions.
Consensys, the company behind MetaMask, also announced in August a Mastercard-powered crypto debit card that allows users to spend their balances on their wallets.
As crypto prices rise and the stablecoin supply grows, suggesting a change of pace in retail investors’ entry into crypto, companies are making efforts to make investing and using crypto easier.
The stablecoin market has grown roughly 13% since reaching an all-time high of $187.4 billion in November and currently stands at nearly $22 billion.
In addition to including accessibility options for new crypto investors, crypto firms are also looking to diversify their offerings.
Robinhood recently added four more cryptos to its platform, including the memecoin PEPE, while Coinbase is looking to ramp up its memecoin listings next year to attract more retail trading.
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