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Crypto.com has teamed up with Apple (NASDAQ:AAPL) to make investing easier. The crypto trading and news platform has announced it is now allowing users to buy crypto with Apple Pay.
It already allows for purchases using credit and debit cards. Now, investors with iPhones will be able to invest in crypto through an even quicker process. While Coinbase (NASDAQ:COIN) allows Apple Pay transactions, plenty of other crypto exchanges do not. However, this news from Crypto.com may signal a new trend.
Yes, You Can Buy Crypto with Apple Pay
In a blog post this morning, Crypto.com confirmed its new policy. It emphasized the importance of Apple Pay allowing users to purchase crypto “quickly and securely.”
It noted, though, that Apple Pay investments will be subject to the same trading limits and transactional feels that apply to credit and debit cards. Specifically, that means a 2.99% processing fee. But even so, the platform clearly sees this as a significant step forward:
“Apple Pay allows you to make in-app purchases seamlessly and securely from the Crypto.com iOS App on iPhone. To use this feature, users must first add their credit/debit card to Apple Wallet on iPhone. After adding their bank card to Apple Wallet, users will be able to use Apple Pay as a quick and secure way to make crypto purchases in the Crypto.com App.”
This policy is clearly meant to appeal to new investors who still see purchasing crypto as a complicated process. CoinTelegraph reports that more Americans have been more inclined to invest in it using credit cards, though.
By this logic, even more aspiring investors will start investing in crypto by using Apple Pay. And according to Fortunly, Apple Pay has a significant market share in the U.S, accounting for 92% of its mobile debit wallet market in 2020.
What Comes Next for Crypto.com?
Crypto.com’s push to draw new investors comes at an appropriate time. A defining market trend has been the crypto crash spurred by rate-hike-induced selloffs. Some investors have been jolted by the realization that crypto is not the hedge against inflation they expected it to be. But even as prices continue to fall, some experts maintain that tides will shift in the coming months.
InvestorPlace’s Luke Lango predicts the current crypto bust cycle will end by late 2022, ultimately signaling a market turnaround. He speculates that “it may prove genius to buy the crypto crash dip.”
If that is true, new investors will be drawn to crypto investing while prices are still down. And they may be quite happy to have the ability to buy crypto with Apple Pay. Investors should watch carefully to see if more exchanges follow Crypto.com’s example.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
