- Uniswap Labs is facing delays in launching its mobile crypto wallet for iPhone users as Apple has yet to approve it.
- Uniswap has launched a self-custody wallet that allows users to seamlessly switch between various Ethereum networks and offers extensive utility.
- Apple’s reputation for guarding its App Store monopoly and its wariness of crypto apps have left many in the crypto community questioning the reasoning behind its refusal to approve Uniswap’s mobile wallet launch.
Uniswap Labs, the company behind the top decentralized exchange on Ethereum, has been planning to launch a mobile crypto wallet app for iPhone users. However, Apple has yet to approve the launch, despite Uniswap Labs responding to all of their concerns and reiterating that they are fully compliant with their specifications.
This delay could add to Apple’s reputation as a hardline gatekeeper in regulating the crypto world’s access to iOS. Apple has been known to refuse to adapt its commerce policies to accommodate some crypto companies and bans crypto trading apps that don’t use an “approved exchange.”
As a DEX, it is unclear whether Uniswap could ever meet Apple’s “approved exchange” criteria, which could spell trouble for its non-custodial crypto wallet app. The wallet plans to have a swap feature that routes trades through Uniswap’s permissionless, unregulated, decentralized exchange.
Uniswap Launches Self-Custody Wallet Despite Apple’s Delays
Despite the delay in Apple’s approval, Uniswap Labs has kept creating new innovative products for its users. The company recently announced the launch of its self-custody wallet that allows users to seamlessly switch between various Ethereum networks, including Polygon and Optimism. The wallet includes tools to discover prices, monitor trends, and follow the trading activity of other Uniswap wallet users.
Users can send and receive, track ERC-20s and NFTs, and browse various tokens by a wide array of parameters. The new app is self-custodial, open source, and independently audited by Trail of Bits. The new Uniswap wallet also includes a feature to store its seed phrase in Apple’s iCloud.
Despite this, Apple has not given the green light for the launch, and therefore the app will only be available through TestFlight and accessible to 10,000 users. Uniswap expressed puzzlement with Apple’s decision and reiterated that they were 100% compliant with their specifications. Apple has been wary of crypto apps and has even blocked Coinbase and other trade services.
Apple’s Monopolistic Tendencies and Wariness of Crypto Apps
Apple has a reputation for jealously guarding its App Store monopoly and has gotten into legal trouble for its monopolistic tendencies. Recently, the company has conflicted with web3 companies, such as blocking an update for Coinbase’s wallet and refusing to approve Uniswap’s mobile wallet launch. The company has also been embroiled in the broader conflict with non-fungible token platforms due to its insistence on taking a 30% cut on all gas fees.
Other blockchain firms have also taken a step away from mobile, with the NFT marketplace Magic Eden informing its users that its smartphone apps would only be functional for a few months. However, web3 enthusiasts may soon be able to get a device with increased blockchain connectivity thanks to the release of Solana-based Android smartphones scheduled for April.
Despite the hurdles and challenges facing Uniswap Labs and other crypto companies, the innovation and development of new products continue to push the boundaries of what is possible in decentralized finance. As the demand for crypto and web3 technology continues to grow, it will be interesting to see how Apple and other technology giants respond to this new wave of innovation and disruption.