Coin base announced integrating Apple Pay into its Coinbase Onramp service, according to a December 2 announcement.
The addition will streamline the process for users looking to convert fiat to crypto, making it faster and easier to use. By 2023, Apple Pay will have more than 60 million active users in the US and more than 500 million users worldwide.
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.
In addition to the integration with Apple Pay, Coinbase continues to offer free USD Coin (USDC), lowering the cost for users to enter and exit the crypto market via the stablecoin.
For developers already using Coinbase Onramp, the integration with Apple Pay will be seamless. Users will automatically see the new payment option when they make eligible purchases.
Lowering barriers
MetaMask recently Venmo added as a fiat-to-crypto option, along with Apple Pay, debit and credit cards, PayPal, wire transfers, and ACH banking transactions.
Consensys, the company behind MetaMask, also announced a Mastercard-powered crypto debit card in August that allows users to spend their wallet balance.
As cryptocurrency prices rise and stablecoin supply grows, signaling a change in the pace of retail investor entry into crypto, companies are making efforts to make investing and using crypto easier.
The stablecoin market has grown about 13% since hitting a record high of $187.4 billion in November and is currently close to $22 billion.
In addition to offering accessibility options for new crypto investors, crypto companies are also looking to diversify their offerings.
Robinhood recently added four more cryptos on its platform, including the memecoin PEPE, while Coinbase is looking for an advance its memecoin listings next year to attract more retail.
