Apple Collaborates with Goldman Sachs for Stock Trading App
Apple had plans to launch a stock trading app to compete with companies like Robinhood and Square, offering BTC and cryptocurrency to its clients. The decision was driven by the bull run in the stock market in 2020, which saw the rise of cryptocurrencies and other assets.
However, the project was put on hold due to the decline in the financial sector and concerns about user backlash. The team behind the app was worried about users losing money as Apple’s stock and other equities trended downwards in a bear market.
Although the project is currently on hold, sources claim that the user interface and infrastructure are ready for launch. Apple has been expanding its financial services since 2019, including launching a credit card and other features.
If Apple decides to proceed with the app, it will face competition from financial giants like JP Morgan and Morgan Stanley, as well as PayPal and others who are already offering cryptocurrency-based products.
Hot Take: Apple’s Stalled Project Raises Questions About its Future in Cryptocurrency
Apple’s collaboration with Goldman Sachs for a stock trading app shows its interest in entering the cryptocurrency market. However, the project’s current status raises doubts about Apple’s commitment to this space. With competition from established players already offering similar services, Apple may need to rethink its strategy or risk being left behind. The future of Apple’s involvement in cryptocurrency remains uncertain.
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