Apple’s Monopoly App Store Tax Coming to Crypto?

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 3 December 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Circle and Kraken. On today’s episode, we catch up on the crypto industry, including: Apple’s dust-up with Coinbase around fees for NFT transfers Stripe’s new fiat-to-crypto tooling for developers Fidelity opens retail trading of bitcoin and ether First U.S. hearing on FTX - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company ensures the safety of your funds and keeps innovating with products like the Nexo Wallet - a non-custodial smart wallet that allows you to create your Web3 identity. Get early access at nexo.io/wallet. - Circle, the sole issuer of the trusted and reliable stablecoin USDC, is our sponsor for today’s show. USDC is a fast, cost-effective solution for global payments at internet speeds. Learn how businesses are taking advantage of these opportunities at Circle’s USDC Hub for Businesses. - Kraken, the secure, trusted digital asset exchange, is our sponsor for today's show. Kraken makes it easy to instantly buy 185+ cryptocurrencies with fast, flexible funding options. Your account is covered by regular Proof of Reserves audits, industry-leading security and award-winning Client Engagement, available 24/7. Sign up and trade today at kraken.com/breakdown. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is "Back To The End" by Strength To Last. Image credit: Pablo Monsalve/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.3	The breakdown is sponsored by nexo.io, circle, and crack it, and produced and distributed by CoinDesk.
0:22.9	What's going on, guys? It is Friday, December 2nd, and today we are talking about Apple's
0:27.6	battle versus Coinbase. Before we get into that, however, if you are enjoying the breakdown,
0:32.1	please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper
0:35.8	into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash
0:41.5	breakdown pod. All right, friends, happy Friday. Today we are catching up on tons of news from around
0:47.6	the crypto world. And where we're going to start is with a battle brewing between Apple and
0:53.0	basically the entire crypto space.
0:56.1	Coinbase has disabled NFT transfers on its iOS wallet, citing a dispute with Apple over their
1:02.3	in-app purchase policy. On Thursday, Coinbase tweeted that Apple is demanding that blockchain
1:07.1	gas fees are paid using Apple's financial rails, which would enable Apple to extract
1:11.7	its 30% App Store tax. Yesterday, Coinbase Wallet tweeted,
1:15.6	You might have noticed you can't send NFTs on Coinbase wallet iOS anymore. This is because
1:20.8	Apple blocked our last app release until we disabled the feature. Apple's claim is that the gas
1:25.8	fees required to send NFTs need to be paid through
1:28.8	their in-app purchase system so that they can collect 30% of the gas fee. For anyone who understands
1:34.3	how NFTs and blockchains work, this is clearly not possible. Apple's proprietary in-app
1:39.2	purchase system does not support crypto, so we couldn't comply even if we tried. This is akin to Apple trying
1:45.3	to take a cut of fees for every email that gets sent over open internet protocols. The biggest
1:50.2	impact from this policy change is on iPhone users that own NFTs. If you hold an NFT in a wallet
	...

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