The Exciting New iPhone Update That Could Revolutionize Bitcoin and Crypto Wallets
In a recent development, the bitcoin and cryptocurrency market may undergo a significant transformation due to the introduction of a groundbreaking update to Apple’s iPhone Wallet. This update has the potential to greatly impact transaction processes, particularly for cryptocurrency enthusiasts.
The news follows a leak that has prompted the bitcoin and crypto market to brace for potential regulatory changes in the U.S. Despite the recent surge in the bitcoin price, which surpassed $70,000 before experiencing a decline, there are still high expectations for a significant price increase by the end of 2024.
Apple has announced that it will permit third-party developers to utilize the iPhone’s near-field communication (NFC) payment chip for transaction processing. This decision comes after years of pressure from European regulators urging Apple to open its platform to third-party developers.
As a result of this update, iPhone users will have the option to select a third-party payment app as their default system, potentially enabling support for bitcoin, crypto, or stablecoin payment options. Stablecoins, such as Tether’s USDT and Circle’s USDC, are cryptocurrencies pegged to traditional currencies, with the U.S. dollar being the most common.
Jeremy Allaire, the CEO of Circle, expressed enthusiasm for the upcoming changes, stating, “Tap to pay using USDC on iPhones incoming soon,” and encouraging wallet developers to prepare for the forthcoming developments. He emphasized the need for preparation in light of the impending changes for developers and point-of-sale (PoS) hardware/software companies.
Allaire explained, “This would allow a [point of sale] to tell an iPhone what blockchain address it will accept USDC on, or the amount to pay, and then the iPhone-based wallet app could prompt the user to confirm a payment (like with FaceID) and initiate a transaction over the blockchain to settle the USDC.”
It is important to note that Apple will require developers to pay “associated fees” to access the NFC chip and enter into a “commercial agreement,” limiting access to “authorized developers who meet certain industry and regulatory requirements and commit to Apple’s ongoing security and privacy standards.”
The rollout of this program is anticipated to take place in Australia, Brazil, Canada, Japan, New Zealand, the U.S., and the U.K., with no mention of the European Union, which has been driving force behind the push for these changes.
The implications of this Apple Wallet update could be far-reaching and transformative for the crypto market, paving the way for more seamless and user-friendly crypto transactions in the future. With the continued evolution of technology, it is evident that the convergence of cryptocurrency and mainstream consumer technology is rapidly approaching. Therefore, it is prudent to closely monitor these developments as they unfold and consider their potential impact on the broader financial landscape.
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