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Bitcoin’s value rebounded above its last all-time high this year, topping $70,000 against bitcoin before retreating (although many still expect a bitcoin price boom before the end of 2024).
Today, after a leak primed the bitcoin and cryptocurrency market for a US offensive, iPhone maker Apple announced a major update to its Apple Wallet, described by one cryptocurrency leader as a “powerful” update.
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Apple has announced that it will begin allowing third-party developers to use the iPhone’s NFC (Near Field Communication) payment chip to manage transactions, following years of pressure from European regulators for the company to open up the platform.
“Coming soon, tap to pay USDC on iPhones,” Jeremy Allaire, CEO of USDC stablecoin developer Circle, said on X, calling on wallet developers to “start their engines. ”
Allaire then explained what the upgrade would mean for corporations and point-of-sale (PoS) hardware/software developers and how they are preparing.
“This would allow a [point of sale] to tell an iPhone which blockchain it will accept USDC on, or the amount to pay, and then the iPhone-based wallet app could simply have the user verify a payment (as with FaceID) and initiate a transaction on the blockchain to settle USDC,” Allaire said.
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The price of Bitcoin has skyrocketed over the past year, surpassing its all-time high of $70,000 per Bitcoin.
“Combining this with high-throughput, low-fee blockchain networks (most of those days), it will open up a difficult path for direct USDC bills to merchants. “
Apple will continue to require developers to pay an “associated fee” to use the NFC chip and sign a “commercial agreement” that means only “authorized developers who meet certain regulatory and industry requirements and are committed to security and Apple’s existing privacy policy. will be accessing the system.
Apple said it would roll out the program in Australia, Brazil, Canada, Japan, New Zealand, the United States and the United Kingdom, citing the European Union, which has pushed the change most strongly.
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