In order to have their most recent software update authorized by Apple’s “App Store,” Coinbase claimed today, that it had to disable a crucial function in the iOS Coinbase Wallet mobile app.
Today, the Coinbase Wallet team posted the following on Twitter:
They continued, saying:
“Apple’s claim is that the gas fees required to send NFTs need to be paid through their In-App Purchase system, so that they can collect 30% of the gas fee. For anyone who understands how NFTs and blockchains work, this is clearly not possible. Apple’s proprietary In-App Purchase system does not support crypto so we couldn’t comply even if we tried. This is akin to Apple trying to take a cut of fees for every email that gets sent over open Internet protocols.
“The biggest impact from this policy change is on iPhone users that own NFTs – if you hold an NFT in a wallet on an iPhone, Apple just made it a lot harder to transfer that NFT to other wallets, or gift it to friends or family. Simply put, Apple has introduced new policies to protect their profits at the expense of consumer investment in NFTs and developer innovation across the crypto ecosystem. We hope this is an oversight on Apple’s behalf and an inflection point for further conversations with the ecosystem. @Apple – we’re here and want to help.“
XRP, XLM, $ETC, and $BCH will no longer be supported by Coinbase Wallet, the company’s self-custody cryptocurrency wallet software, starting on January 1, 2023, according to a statement released on Tuesday (29 November 2022).
The mentioned cryptoassets will no longer be available in Coinbase Wallet owing to “low usage,” according to the notification that was placed in the support section of the Coinbase website.
Coinbase went on to say:
“This does not mean your assets will be lost. Any unsupported asset that you hold will still be tied to your address(es) and accessible through your Coinbase Wallet recovery phrase. In order to view or transfer these assets after January 2023, you will need to import your recovery phrase on another non-custodial wallet provider that supports these networks.”
It is essential to remember that Coinbase Wallet can only access and store “supported cryptocurrencies and access dapps on supported networks.” Along with Bitcoin, Dogecoin, and Litecoin, the Coinbase Wallet mobile app also supports Ethereum and any EVM-compatible networks.
Furthermore, Coinbase stated that the Coinbase Wallet supports hundreds of tokens, including all ERC-20 tokens and all tokens on EVM-compatible networks, including the Avalanche C-Chain and Polygon, as well as tokens hosted on the Solana Network.