Apple is delaying the offering, according to the business behind the leading decentralized exchange.
Uniswap Labs, the company behind the leading decentralized exchange (DEX) on Ethereum, intends to create a mobile cryptocurrency wallet for iPhone users, but Apple (AAPL) seems to have other plans.
A representative for Uniswap Labs told CoinDesk, “Apple has not yet approved our launch, and we do not know why; we have addressed to their concerns, answered every inquiry, and restated that we are 100% compliance with their standards.”
The delay may strengthen Apple’s position as a strict gatekeeper restricting the crypto world’s access to iOS, its mobile software ecosystem. The iPhone manufacturer has refused to modify its commercial standards to accommodate some crypto firms, and it prohibits crypto trading applications that do not use an “authorised exchange.”
However, It is uncertain if Uniswap could ever fulfill Apple’s “authorized exchange” standards as a DEX. This might be problematic for its non-custodial crypto wallet software since it intends to include a swap function that sends transactions via Uniswap’s permissionless and uncontrolled decentralized exchange.
Uniswap Labs Design Lead Callil Capuozzo said that the firm or DEX must not comply with current legislative frameworks to deploy the wallet software.
Several iOS crypto wallet applications also enable DEX token exchanges, and market leader Metamask even sends certain transactions via Uniswap. Capuozzo added to the uncertainty by stating that Apple provides various responses to different businesses on what is and is not acceptable.
Uniswap Labs said in a news release that their intended mobile software is essentially a self-custodial cryptocurrency wallet, meaning users would have complete ownership and management over their holdings. The software will also allow users to “trade tokens directly with” Uniswap, which CoinGecko identifies as the most active decentralized finance (DeFi) exchange with an average 24-hour trading volume of over $1.2 billion.
Instead of waiting for Apple, Uniswap Labs wants to distribute its software to 10,000 users through the test portal TestFlight. Capuozzo said the restricted release would allow Uniswap to demonstrate to Apple that their service is “secure.”
Also Read: Aave Initiates Governance Debate For Polygon ZkEVM Mainnet Deployment
Wallets