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Home > Blog > Featured Article > Crypto Users Are Buying Crypto With Apple Pay - Should Centralized Exchanges Be Worried?
2021-11-15 12:50:38
Crypto Users Are Buying Crypto With Apple Pay - Should Centralized Exchanges Be Worried?
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This is coming at a point when both decentralized and centralized exchanges are finding new and rare means to facilitate transactions.
As the crypto space grows steadily, some platforms, especially centralized exchanges, may want to keep an eye on DEX platforms and some of their latest payment services, making transactions easier.
While some Dex’s may be setting the pace in the DEX world, centralized cryptocurrency exchange, Coinbase, started allowing users to buy Ethereum, Bitcoin, and other crypto using Apple Pay since August this year.
However, with a reputable DEX platform like Pangolin achieving a similar feat, should centralized exchanges be worried?
Could Apple Pay Option Be a Killer Feature?
With Apple Pay, crypto enthusiasts now have an extra layer of payment options, making transactions easier and giving investors more in terms of choice.
This means that users who previously only had a MasterCard or a VISA-issued card will get direct prompts from Apple Pay. Although, for popular platforms like Coinbase, this is so far as their card is linked to their existing Apple Wallet.
For a start, an Apple Pay option isn’t a rare service, even as most exchanges are already eager to add Google Pay options or Real-time payment networks (RTN) to boost their services.
However, it is still somewhat of a rarity in the crypto exchange space, and for a decentralized cryptocurrency exchange, it is even less mainstream at the moment.
It’s definitely going to increase crypto adoption rates, as more Apple users will bank on the convenience it offers to have a stake in the crypto world.
Here’s Why Apple Pay Integration Matter For DEX
Just like it might be a game-changer for centralized exchanges, this new payment option bodes well for DEX. For starters, integration is a very important part of the crypto space.
Integration eradicates the complexities linked with transferring funds through some less conventional means.
So instead of getting DEX to make a debit card or having users create a hard wallet, withdrawal options like Apple Pay is a method that users already know.
There’s also hope that global tech giants like Apple might be looking to foray into crypto and even DeFi in the future. Such a move could be a boost and lead to collaborations that make DeFi mainstream.
The most important part of this new payment option and what it means for DEX is that users can cash out quickly and flexibly. Apple Pay is not only helping simplify cash-outs but also making them faster.
In all, the more decentralized exchanges that add to the ones currently offering Apple Pay, the more transactions DEX will be able to process.
So What’s Pangolin Exchange All About?
AvaLabs created Pangolin on the Avalanche Network as a flagship DeFi app and decentralized exchange. In February 2021, developers launched the project with hopes of staying community-driven.
So, in May 2021, it transitioned to an independent team that turned it into a platform with 5000+ daily users, more than 30 global partners, and 300MTVL.
As a decentralized exchange, Pangolin uses a similar automated market-making (AMM) model as Uniswap, and its native governance token is PNG. PNG is fully community distributed and can trade all tokens issued on Avalanche and Ethereum.
Users might lean towards Pangolin over other DEX for a couple of reasons, such as its cheap trades, fast, and community-driven development. It also maintains an open and fair token distribution.
Users are able to enjoy the perks of finalizing their trades cheaply and quickly. The fact that it is built on Avalanche means that it allows users to swap assets while reveling in sub-second transaction finality.
Being community-driven might seem like just a tag for some exchanges, but so far, the platform does justice to the phrase with the help of its native governance token.
PNG allows the community to boost development like every decentralized exchange. Besides, Pangolin features a community-focused token distribution model.
There are no allocations to the Pangolin investors, team, advisors, or anyone inside the platform. All tokens are distributed directly to the community.
Conclusion
The global crypto exchange space is carefully expanding its reach and presence. One of the ways it might achieve this earnestly is by adding new and easy payment options for investors to leverage.
It could do this while keenly binding what we know as the conventional banking system with some innovative, cutting-edge tech.
However, decentralized platforms may well be tipping the scales carrying billions of investors in favor of DEX in the nearest future.
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