Is Apple's Plan to Launch a Stock Trading App Supporting BTC Aborted?

Anar999

A report indicates that tech giant Apple is collaborating with Goldman Sachs to develop a stock trading app for its devices. There have been rumors that if this platform is indeed launched, it might feature BTC and other crypto assets.

Mainstream media outlet CNBC has revealed Apple's plans to introduce a stock trading app. The tech giant intends to compete with US internet brokerages like Robinhood and similar companies that offer BTC and crypto assets to customers.

The report notes that the bull market of 2020 drove the development of this app by partners. During the COVID-19 pandemic, crypto assets, meme stocks, and other assets saw significant growth as BTC's price reached a historic high of $69,000.

Apple initially had plans to capitalize on this bull market but decided to shelve the project as the industry experienced a significant downturn that affected the crypto market.

CNBC states that one potential use case for this app is to allow users to hold tech giant stocks. The project was halted due to two main reasons: the downturn in the financial sector and concerns within the project team about users' reactions.

The project team was concerned that with the downward trend of Apple stocks and other stocks during an ongoing bear market, users might experience losses on the app.

An insider told CNBC that the user interface and infrastructure are already in place. Since 2019, Apple has been expanding its ""financial services arsenal."" At that time, the tech giant launched products like a credit card and ""buy now, pay later,"" with their adoption rates steadily increasing.

Apart from the mentioned companies, Apple will also have to contend with other financial giants such as JPMorgan and Morgan Stanley. If the company ultimately decides to develop and launch this app, it will also compete with many other firms, including PayPal and X.

As emphasized in the report, these companies already have or are developing products based on crypto assets, which may prompt Apple to offer similar services.

Kahn332

This was bound to be launched sooner or later.

Jatin255

The key question is whether stock exchanges will support this feature.