Apple and Goldman Sachs Postpone Launch of Futures Trading App
Apple and Goldman Sachs have decided to delay the launch of their planned app for futures trading, according to CNBC. The project, which had an initial rollout date for 2022, was put on hold due to unfavorable economic conditions. The rise in interest rates and inflation pressures led investors to shy away from risky assets. However, sources reveal that the project infrastructure is already built and ready for launch if Apple decides to proceed.
It remains unclear whether the app would include crypto futures trading. During the pandemic, Apple sought to diversify its business by partnering with Goldman Sachs to offer financial solutions to US clients. This collaboration led to the launch of a credit card in 2019, followed by a buy now, pay later feature and a savings account with a significant user deposit of over $10 billion.
Apple’s Expansion into Financial Services
Apple’s foray into financial services aligns with the trend of big technology companies venturing into fintech products. Elon Musk also plans to incorporate financial services into his social network X (formerly Twitter), aiming to create an “everything app” where users can manage their entire financial world. X has recently obtained a currency transmitter license from Rhode Island regulators, allowing them to provide financial services involving fiat and crypto assets.
Hot Take: Tech Giants Expanding into Fintech
The collaboration between Apple and Goldman Sachs on a futures trading app reflects the growing trend of tech giants entering the fintech space. By offering financial solutions such as credit cards, buy now pay later features, and savings accounts, these companies aim to diversify their businesses and tap into new revenue streams. With Elon Musk’s plans to integrate financial services into his social network, it seems that this trend will continue to gain momentum. As more technology companies venture into fintech, we can expect to see further innovation and disruption in the financial industry.
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