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Is Apple’s plan to launch a stock trading app that supports BTC aborted?
Compiled by: Blockchain Knight
Tech giant Apple is teaming up with Goldman Sachs to develop a stock trading app for its devices, a report suggests. There are rumors that BTC and other Crypto assets may be listed if the platform does launch.
Mainstream media CNBC revealed Apple’s plan to launch a stock trading app. The tech giant plans to compete with US internet brokerage Robinhood and other similar companies that offer BTC and Crypto assets to customers.
The report pointed out that the bull market in 2020 drove partners to develop this application. When the price of BTC rose to an all-time high of $69,000 during the coronavirus pandemic, crypto assets, “meme stocks,” and other assets followed suit.
Apple originally planned to do something with this bull market, but the industry experienced a sharp decline and spread to the Crypto market, causing the project to be shelved.
CNBC said that one potential use case of the application is to allow users to hold stocks of technology giants. This project was stopped, firstly, because of the decline in the financial sector, and secondly, because the project team was "worried about user rebound".
The project team's concern is that as Apple stock and other stocks trend downward in the ongoing bear market, people could lose money on the app.
A source told CNBC that the user interface and infrastructure are ready. Since 2019, Apple has increased its “financial services arsenal”. At the time, the tech giant launched credit cards, "buy now, pay later" and other features, and adoption of those products has been growing.
In addition to the above-mentioned companies, Apple also has to face other financial giants such as JPMorgan Chase and Morgan Stanley. If the company ultimately decides to develop and launch the app, it will also compete with PayPal, X, and many others.
As the report highlights, these companies already have or are developing products based on Crypto assets, which may force Apple to offer similar services.