Dive into the controversy surrounding Apple's alleged antitrust violations.
This article uncovers the lawsuit filed by Venmo and Cash App users against Apple for excluding cryptocurrency apps, a move that could reshape the landscape of P2P payments and fees in the tech industry.
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The Legal Battle Emerges: Allegations of Market Manipulation by Apple
In a recent development, Apple Inc. faces allegations of violating antitrust laws by excluding cryptocurrency-related apps, such as 'Zeus' and 'Damus', from its App Store.
This action has sparked significant controversy, leading to a lawsuit filed against the tech giant.
On November 17, 2023, four users of payment apps 'Venmo' and 'Cash App' filed a lawsuit in a federal court in California.
They accuse Apple of engaging in market manipulation practices, in collusion with companies like PayPal, Block, and even Google, to prevent the incorporation of decentralized cryptocurrency technologies in P2P payment apps.
The Plaintiffs' Argument: Restricting Competition and Raising Fees
The plaintiffs argue that Apple's actions have stifled functional and price competition in the market.
They claim that Apple, by intentionally excluding apps that utilize technologies like cryptocurrencies, is monopolizing the market. This allows Apple to raise its service fees in an environment devoid of price competition.
According to the plaintiffs, the absence of Apple's restrictions would enable new entrants and competitors to introduce fast, low-cost P2P payment features using blockchain and cryptocurrencies.
This could potentially alleviate long-standing issues caused by the monopoly of certain companies, enhancing both functionality and price competition.
Seeking Justice: The Lawsuit’s Goals Against Apple's Practices
The lawsuit primarily aims to recover the high fees incurred due to Apple's alleged antitrust law violations. It also seeks a court order prohibiting Apple from engaging in agreements that disadvantage competitors in the iOS P2P payment market.
Criticism of Apple from the cryptocurrency industry is not new. In the past, there have been numerous criticisms, particularly regarding the 30% commission fee imposed on NFT sales within iOS apps.
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Bullish Global Announces Acquisition of Leading Cryptocurrency Media Outlet CoinDesk
This acquisition is part of a recent trend in the cryptocurrency media space. Notably, Foresight Ventures, a venture capital firm based in Singapore and owned by cryptocurrency exchange Bitget, recently acquired 80% of the shares of The Block, another cryptocurrency media outlet.
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