Apple Interrupts Uniswap’s Crypto Wallet App Launch
- Uniswap’s plans to introduce an iPhone crypto wallet were delayed by Apple’s rejection.
- Uncertainty remains if Uniswap can meet Apple’s requirements for an “approved exchange.”
- Uniswap Design Lead believes they don’t need to conform to current regulatory frameworks.
Uniswap Labs, the supporter of Ethereum’s leading decentralized exchange (DEX), has intentions to introduce a crypto wallet for iPhone users. However, it appears that Apple (AAPL) has different plans in mind. Moreover, an Uniswap spokesperson shared,
Apple won’t yet green-light our launch and we don’t know why – we’ve responded to their concerns, answered every question and reiterated that we are 100% compliant with their specifications.
Uniswap REPRESENTATIVE
The undisclosed postponement could further solidify Apple’s reputation as a rigid gatekeeper in controlling the crypto industry’s entry to iOS, its mobile software ecosystem. Apple has declined to modify its commercial guidelines to suit certain crypto firms, and it also prohibits crypto trading apps that do not use an “authorized exchange.”
It remains uncertain whether Uniswap, being a DEX, can satisfy Apple’s requirements for an “approved exchange.” This could pose a challenge for its non-custodial crypto wallet app, which intends to incorporate a swap feature that directs transactions through Uniswap’s permissionless and unregulated decentralized exchange.
Uniswap Labs’ Design Lead, Callil Capuozzo, expressed his belief that the company and its DEX need not conform to current regulatory frameworks for the wallet app to be released.
Meanwhile, several other crypto wallet apps on iOS already allow DEX token swaps, and the dominant player, Metamask, even directs some transactions through Uniswap. This creates additional uncertainty as Capuozzo noted that Apple is giving varying responses to different firms about what is acceptable and what is not.
He further added, “It’s a set of rules that no one can understand, which is an extremely challenging environment to navigate.”
Uniswap Labs announced in a press release that their upcoming mobile application is mainly a self-custodial crypto wallet, which gives users complete possession and authority over their assets. The app will also provide users with the capability to “trade tokens directly with” Uniswap, which is the highest-ranked decentralized finance (DeFi) exchange with over $1.2 billion in average 24-hour trading volume, according to CoinGecko.
Posted Date: July 8, 2023
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