Big tech giant Apple is teaming up with banking institution Goldman Sachs to develop a stock trading app for its devices, a report suggests. On social media platforms, rumors began to surface about the possible listing of Bitcoin (BTC) and other cryptocurrencies if the platform was exposed.
Apple and Goldman Sachs teamed up, but the project was stillborn?
Mainstream media outlet CNBC revealed plans to launch a stock trading app. The large tech giant plans to compete with Robinhood, Square, and other similar companies, all of which offer BTC and cryptocurrencies to their customers.
The report noted that the bull run in the stock market in 2020 prompted the partners to develop the app. Cryptocurrencies, “meme stocks” and other assets are booming during the COVID-19 pandemic as the price of BTC rises to an all-time high of $69,000.
The technology company aims to capitalize on this bull run and the excitement traders are experiencing in a highly liquid financial environment. However, as the industry experienced a significant decline, the project stalled and was echoed in other areas, such as the cryptocurrency market.
CNBC claims that a potential use case for the app would be to allow users to hold shares in the tech giant. The project was halted because of the recession in the financial world and because the team behind the project was “concerned about user backlash.”
The team behind the project is worried that people will lose money on the app as Apple stock and other stocks tend to fall in the ongoing bear market. As mentioned, the project is currently on hold with no immediate plans to launch.
A source close to the project told CNBC that the user interface and infrastructure are said to be ready. According to reports, Apple has increased its financial services library since 2019. At the time, the tech giant launched credit cards, a “buy now, pay later” loan feature and more. The company claims that adoption of these products has been growing.
In addition to the above-mentioned companies, Apple also has to face the platforms of other financial giants, such as JPMorgan Chase and Morgan Stanley. If the company decides to develop the app and launch it, it will need to compete with these names and many others, including PayPal and X.
As the report highlights, these companies already have or are developing cryptocurrency-based products, which would force the Tim Cook-led company to potentially offer similar services.
At the time of writing, Bitcoin is trading at $27,100, with a sideways trend on the 24-hour chart.
Cover image from Unsplash, chart from Tradingview