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Multicurrency Crypto Wallet Integrates Apple Pay, With Google Pay to Follow Within Weeks

A multicurrency digital wallet has announced that it has fully integrated Apple Pay into its app, opening new payment options for users.

A multicurrency digital wallet that enables consumers to store crypto and spend their funds at more than 40 million outlets worldwide has fully integrated Apple Pay.

Spend says the latest version of its Spend Wallet app unlocks instant access to the popular iPhone feature, meaning that more than 20 supported cryptocurrencies can be instantly converted to fiat and used to complete a mobile transaction on demand.

The platform says its priority has been ensuring that users can access all of these features instantly. An emphasis has been placed on streamlining the Know Your Customer process, and once this is complete, eligible consumers can immediately receive a Spend Visa virtual card.

To ensure that the process is as simple as possible, users can select which cryptocurrency they want to use. All conversions into fiat happen behind the scenes, meaning shoppers are spared the convoluted and frustrating process of switching the assets themselves.

According to Spend, the next step is to roll out support for Google Pay within the next couple of weeks, meaning that owners of Android devices will be able to access similar features.

Bringing crypto to the masses

Spend says its cards can be used anywhere where Visa is accepted as a payment method. Whereas it has been a challenge for crypto enthusiasts to be able to use their assets for everyday purchases in the past, the platform hopes its technology will open doors and help this new approach to personal finance go mainstream.

In terms of security and protection, “leading encryption methods” are used to ensure sensitive personal information doesn’t fall into the wrong hands. This technology is also deployed to prevent any Spend card from being used without permission. Meanwhile, the platform says fiat funds are held at licensed payment and financial institutions to give users peace of mind.

Spend is available here

Spend says it is international in focus and wants to appeal to as many consumers around the world as possible. To this end, account holders can alternate between 27 fiat currencies and perform exchanges at the click of a button, including United States dollars, Canadian dollars and euros. As well as being beneficial for business travelers and those taking a holiday, this choice can help users protect themselves against volatility in the forex markets.

In a blog post from July 2018 explaining its vision for the Spend app, the company’s team said: “We are a firm believer in the fourth industrial revolution and the digitization of currencies. There are tremendous benefits for users worldwide to have control of their finances and to create an alternative financial solution for those whom don’t have access to banking which currently totals to 2 billion people worldwide.”

Keeping users informed

Through the digital wallet within the Spend app, the company gives users the chance to make informed decisions when making transfers to businesses, friends and family. As well as clearly indicating which currency is being used to complete the transaction, other crucial details — such as how long the transaction will take to clear and any associated fees — are displayed before money is sent. The payment can then be verified using a passcode or facial recognition.

Keeping tabs on the ever-changing crypto markets can also be crucial. From within the Spend app, users can access in-depth charts and analytics that make it easy to monitor recent fluctuations in a virtual currency’s value. As well as helping consumers to make financial choices, it is also hoped that users will learn new things about the industry, too.

Learn more about Spend

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Vitalik Buterin Delivering Blows Against Apple: Ethereum Founder

One of the brilliant minds behind the-second in lead Ethereum (ETH) blockchain network – Vitalik Buterin, has criticized heavily the tech giant Apple for its restrictive app-store policies. Mr. Buterin tweeted on the matter on the 27th June.

The move by the much respected Vitalik Buterin came after Apple’s choice on 11 June 2018 to alter the existing App Store Review Guidelines. With the act, crypto-apps all across platforms like IOS, macOS, watchOS, would be strongly. Below you can find the restrictions that will affect the crypto-ecosystem.

  • “Wallets: Apps may facilitate virtual currency storage, provided they are offered by developers enrolled as an organization.”
  • “Mining: Apps may not mine for cryptocurrencies unless the processing is performed off device (e.g. cloud-based mining).”
  • “Exchanges: Apps may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered by the exchange itself.”
  • “Initial Coin Offerings: Apps facilitating Initial Coin Offerings (“ICOs”), cryptocurrency futures trading, and other crypto-securities or quasi-securities trading must come from established banks, securities firms, futures commission merchants (“FCM”), or other approved financial institutions and must comply with all applicable law.”
  • “Cryptocurrency apps may not offer currency for completing tasks, such as downloading other apps, encouraging other users to download, posting to social networks, etc.”

What is the biggest concern probably for the new altered restrictions is the banning of crypto-mining apps. The first time when Apple went against similar applications was four months ago in March 2018 when it took down Calendar 2 from Mac App-Store. The reason was for mining digital currency in the backstage in exchange for premium services

According to Vitalik Buterin, Apple is delivering better quality regulation than most in various areas, which is not turning true for crypto-apps. Apple does not have a monopoly on mobile or desktop devices (less than around 15% worldwide market share for the iPhone, likewise for Apple’s desktop/laptop computers). Concluding with the freedom for it to implement any rules it feels are right for the user.

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Apple Warns iPhone Users Not to Mine Cryptos

Smartphones have evolved way beyond their original concepts and are now used for all manner of computing tasks, including mining cryptocurrencies. It appears though that Apple is not happy with users of their devices undertaking this practice.

The tech giant has recently updated its developer guidelines to ban mining cryptos according to CNBC. The new rules introduce more app restrictions, targeting those that drain battery life, generate excessive heat, or stress system resources. According to the company website; “Apps, including any third party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining,”

The likelihood of being able to actually mine a Bitcoin on an iPhone is very slim since the hardware required to crunch the numbers is way beyond what can be squeezed into a smartphone. However the move could restrict any future applications that may be able to mine other less intensive cryptocurrencies.

Apple’s anti-crypto stance goes way back to 2014 when it removed Coinbase and other crypto related apps from its App Store. According to the updated policy;

3.1.5 (b) Cryptocurrencies:

(i) Wallets: Apps may facilitate virtual currency storage, provided they are offered by developers enrolled as an organization.

(ii) Mining: Apps may not mine for cryptocurrencies unless the processing is performed off device (e.g. cloud-based mining).

(iii) Exchanges: Apps may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered by the exchange itself.

(iv) Initial Coin Offerings: Apps facilitating Initial Coin Offerings (“ICOs”), cryptocurrency futures trading, and other crypto-securities or quasi-securities trading must come from established banks, securities firms, futures commission merchants (“FCM”), or other approved financial institutions and must comply with all applicable law.

(v) Cryptocurrency apps may not offer currency for completing tasks, such as downloading other apps, encouraging other users to download, posting to social networks, etc.

Many apps for iOS claim to allow users to mine cryptos as part of a pool or cloud mining group. However it is likely that these too will be disappearing from the pages of Apple’s online stores, along with any of those displaying crypto advertising.

Apple has always held a vice-like grip of control over its hardware and the software that runs on it. By dictating to customers what they can and cannot do with their own devices leads to the obvious question of whose iPhone is it anyway.