Coinbase CEO Gives Apple's Example As He Calls For Building The 'Crypto App Store'

Coinbase Global Inc COIN CEO Brian Armstrong, in a blog post on Tuesday, called for the building of the “crypto app store” similar to the one created by Apple Inc AAPL.

What Happened: Armstrong noted that the cryptocurrency use cases have grown, citing the examples of non-fungible tokens or NFTs and Decentralized Applications of DApps.

Calling for a store similar to the App Store, he wrote, “We need to do the same in crypto. There is now 10s of billions of dollars of economic activity running on dApps, and a new trend coming out every three months.”

“We’ll work to give our users easy access to all of this from the main Coinbase product.”

Why It Matters: Armstrong noted that Apple did not attempt to build “every app for the iPhone, it empowered developers and gave mobile users an easy way to access new innovative apps.”

According to Apple’s website, Apple has 1.8 million apps available on its store with 175 storefronts in over 40 languages.

See Also: Apple Faces Criticism Over Allegations Of Censoring LGBTQ+ Apps Around The Globe

The Coinbase CEO seems to have taken a cue from Apple as he also advocated an “international-first mindset.”

Armstrong said instead of focusing on a “narrow set of regions,” Coinbase is “going to flip this approach on its head by shipping more products in international markets on day one.”

However, Apple’s App Store policies have also attracted the attention of regulators with Germany’s competition watchdog being the latest to bring the store under scrutiny.
Price Action: On Tuesday, Coinbase shares closed 3.33% higher at $254.90 in the regular session and fell 0.2% in the after-hours trading. On the same day, Apple shares rose 1.15% in the regular session to $136.33.
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