Uniswap Labs, responsible for developing the Uniswap protocol, the largest decentralized exchange by volume in the cryptocurrency industry, has revealed the challenges it is experiencing in its efforts to introduce a mobile crypto wallet application.
The wallet is in the early access release phase, including links to the Uniswap mainnet, Optimism, Arbitrum, and Polygon. According to Uniswap, the wallet will support trading on the DeFi protocol’s swapping routers and display feeds for market capitalization, price charts, and trade volume. The wallet also integrates with WalletConnect for all Layer 2 protocols supported. The code for Uniswap’s mobile wallet is open-sourced and accessible for examination on its GitHub repository.
Considering what are undoubtedly some excellent features, it appears that Apple Inc. has prevented the release of Uniswap’s wallet for iOS, the former’s mobile platform. Apple turned down Uniswap’s request to list the wallet on the grounds that it contravened App Store rules.
Uniswap explains that they are facing challenges in launching a crypto wallet app for mobile platforms due to Apple’s delay in giving the green light. Although Uniswap has addressed Apple’s concerns and answered all their questions, they are still awaiting approval, and the reason for the delay is unknown.
As a security precaution and in an effort to maintain its position as a “walled garden” ecosystem for services, Apple has a history of rejecting crypto-related applications and NFT purchases due to violations of its review guidelines. One of the top-rated cryptocurrency apps for iOS, Coinbase, has made the decision to discontinue NFT transactions on its app as of December 2022.
Although these precautions are being taken for security, it might be claimed that they limit advancement and innovation in the crypto industry. These limitations on NFT are reasonable, which is to be expected, but the current restriction on decentralized finance that Uniswap’s initiatives reflect can be considered a step backward.
This is also due to the fact that Uniswap is a decentralized exchange (DEX), which might not meet Apple’s standards for an appropriate “approved exchange.” While the wallet promises to implement non-custodial, permissionless trades in the future, it will likely be delisted (assuming it was ever listed at all).
Callil Capuozzo, the Design Lead at Uniswap Labs, commented that the current environment is challenging to operate in, as there are rules that are difficult to comprehend.
Crypto ventures trying to increase their visibility and audience reach among mobile-first audiences continue to find themselves in Apple’s crosshairs as the legal landscape in the U.S. ramps up post-FTX. While other cryptocurrency companies are building workarounds and alternate services designed mainly to bypass App Store limitations, Uniswap is still pursuing Apple for approval.
ConsenSys-backed MetaMask is one of the most well-known wallet apps for iOS. While its decentralized features are similar to those of Uniswap—going so far as to aggregate pricing and handle swaps via the Uniswap router—it was created as a wallet from the ground up rather than as a spinoff of a DEX.