Uniswap wants to launch crypto wallet app, but Apple says not anytime soon

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DENVER – Uniswap Labs, which powers the leading decentralized exchange (DEX) on Ethereum, is planning to launch a mobile crypto wallet for iPhone users, but Apple (AAPL) seems to have other ideas.

“Apple won’t give our launch the green light just yet and we don’t know why — we’ve responded to their concerns, answered every question, and reiterated that we’re 100% compliant with their specifications,” a Uniswap Labs spokesperson told CoinDesk.

The inexplicable delay could add to Apple’s perception as a stubborn gatekeeper in regulating the crypto world’s access to iOS, its mobile software ecosystem. The iPhone maker has refused to adjust its trading policies to accommodate some crypto companies and is also banning crypto trading apps that don’t use an “approved exchange.”

As a DEX, however, it’s unclear whether Uniswap could ever meet Apple’s criteria for an “approved exchange.” That could spell trouble for the no-custodial crypto wallet app, as it also plans to add a swap feature that routes trades through Uniswap’s permissionless — and unregulated — decentralized exchange.

Uniswap Labs design lead Callil Capuozzo said he doesn’t think the company or DEX would need to fit into existing regulatory regimes for the wallet app to roll out.

Other crypto wallet apps on iOS already support DEX token swaps; Market leader Metamask even routes some trades through Uniswap. Capuozzo added to the confusion that Apple gives different companies different answers as to what is and isn’t Kopacian.

“It’s a set of rules that nobody can read, which is a really difficult environment,” he added.

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Apple did not immediately respond to a request for comment.

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In a press release, Uniswap Labs said its planned mobile app is primarily a self-custody crypto wallet, meaning users will have full ownership and control over their assets. The app will also offer the ability to trade tokens directly with Uniswap, where more than $1.2 billion in average 24-hour trading volume makes it by far the most traded decentralized finance (DeFi) exchange, according to CoinGecko.

Instead of waiting for Apple, Uniswap Labs plans to release its app to 10,000 users via the TestFlight beta platform. Capuozzo said the limited release will give Uniswap a chance to show Apple its service is “safe.”