Apple’s Crypto Policy Hasn’t Changed

[ad_1]

On Tuesday, a headline in The Block announced that Apple’s crypto policy is softening, pointing to an announcement by fitness app Stepn that users can now trade NFTs directly within the app. Big, if that’s true, as they say.

Alas, the news is not what it seems. While the CEO of Stepns gushed that the new feature in his apps is the biggest thing happening in crypto and praised Apple, The Blocks story oddly didn’t. solicited comments from the iPhone maker itself. Meanwhile, skeptics like the founder of crypto wallet maker ZenGo threw cold water on the news, pointing out that Stepn had simply introduced a token that could be used to buy NFTs through the in-app purchase scheme. from Apple, the same arrangement long used by Reddit and others.

If you’re unfamiliar, in-app purchases let iPhone users buy anything from video game swag to news subscriptions without leaving the app, but require the app maker to hand over 30% of profits to Apple. The scheme is hated by publishers, game makers and others who rightly resent entrusting this mammoth share of their sales to the world’s third-largest company, but that’s the way it is.

The maker of the popular Fortnite game sued Apple over its alleged monopoly, but an appeals court ruled last 21 months that the company did not violate antitrust laws. Fortnite got a modest victory, however, when the court also ruled that it was illegal for Apple to ban app makers from telling app customers that they could buy digital items on other platforms. forms, a practice that shows how tightly Apple controls its platform.

Stepn’s story is ultimately not news and appears to be one of those cases where a CEO makes fake headlines in an effort to boost his company during a bear market. But the episode is still valuable in reminding us of Apple’s outsized role in shaping the technology and payments landscape. In an alternate world, the iPhone maker would foster an ecosystem where new innovations, including crypto, could thrive on its platform rather than sticking with the credit card giants. That’s not the world we live in, however, and for now Apple and its 30% tax reign supreme.

Jeff John [email protected]@jeffjohnroberts

DECENTRALIZED NEWS

A new policy in Hong Kong will allow retail traders to buy and sell Bitcoin and Ethereum from June 1, with some of the territories pushing to set up a crypto hub. (Bloomberg)

The Winklevoss twins claim DCG missed a $630 million debt payment due this week. The protest can be a pressure tactic as the parties negotiate during a forbearance period. (Axios)

A literary publication has a belated review, brimming with lazy snark, of two books on Ethereum. (The New York Review)

A Texas judge has ruled that a woman who lost $8 million to a man on Tinder in a crypto scam had no reason to sue Binance. (Bloomberg)

The owner of the Grumpy Cat brand is threatening to sue the issuers of an NFT bearing the effigy of the felines. (Web3 is doing great)

EVEN OF THE MOMENT

Happy belated Bitcoin Pizza Day to those celebrating:

This is the web version of Fortune Crypto, a daily newsletter. Sign up here to get it delivered to your inbox for free.

[ad_2]