DENVER – Uniswap Labs, the company behind the most decentralized exchange (DEX) on Ethereum, plans on releasing a mobile cryptocurrency wallet for iPhone users. However, Apple (AAPL) isn’t allowing them to do so.
“Apple won’t permit our launch and we’re unsure why – we’ve responded to their queries, answered every question and reiterated that our product is completely compliant with their regulations,” A spokesperson from Uniswap Labs told CoinDesk.
The untimely delays may heighten the cost of your purchase as well as paint Apple in a bad light as a tough gatekeeper when it comes to regulating crypto’s access to iOS, its mobile software platform. The iPhone maker has declined to modify its trade policies to cater to some crypto companies and also bans crypto trading apps that don’t use an “accepted exchange.”
As a DEX is used to check if the DEX is working, Uniswap wouldn’t be able to fulfill Apple’s “accepted exchange” criteria. This may be an issue for the non-custodial cryptocurrency wallet app as it intends to add a swap feature that routes trades through Uniswap’s permissionless – and unregulated – decentralized exchange.
Uniswap Labs Design Lead Callil Capuozzo said that he does not think the DEX itself is an impediment to the Apple authorization process, but he didn’t give any insights into why they were turned down.
Uniswap Labs, the company behind the popular Decentralized Exchange (DEX) Uniswap, is looking to launch a self-custodial mobile wallet app. The app would give users full control and ownership of their assets, as well as the ability to directly trade tokens on Uniswap, which currently sees more than $1.2Billion in daily trading volume.
However, the app is coming up against a roadblock in the form of Apple. The tech giant is refusing to allow Uniswap’s app until it meets certain regulatory requirements. Other iOS crypto wallet apps have already been allowed to support DEX token exchanges and even route some trades through Uniswap, leading the company to question Apple’s stance.
“It’s a rulebook that nobody can read which is a really hard environment to operate in,” said Uniswap CEO Hayden Adams. Apple has not yet responded to a request for comment.
Uniswap has announced that it will be launching the app in limited numbers, with 10,000 users invited to join the TestFlight beta platform. With 24/7 availability, the app is set to be “safe,” with the company stressing the importance of its launch.