Apple and Goldman Sachs Scrap Trading App Plans
BITmarkets Team
Sep 21, 2023
CNBC reported on September 19, 2023, that Apple and Goldman Sachs had abandoned plans to create a futures trading app.
The project was scheduled to begin in 2022, but it was halted last year as economic conditions deteriorated, with rising interest rates and inflationary pressures driving investors away from risky investments.
The project infrastructure, according to the insiders, has been "mostly built" and is ready for launch if Apple sticks to its original schedule. Furthermore, it is unclear whether Goldman and Apple intended to integrate cryptocurrency futures trading in the app.
During the epidemic, Apple sought to diversify its company and provide financial solutions to US clients, collaborating with Goldman Sachs in launching its initiatives.
In 2019, Apple issued its first credit card in partnership with a bank. Earlier this year, the internet giant launched its buy now, pay later tool, which allows consumers to divide purchases into four equal installments without incurring interest charges.
A few weeks later, in April, the business introduced another Goldman Sachs-backed product, a 4.15% annual percentage yield savings account.
A recent report stated that user deposits in Apple's savings account had surpassed $10 billion. However, the collaboration was not without its difficulties. Goldman Sachs reportedly lost money administering Apple's credit card, with an average user acquisition cost of $350.
Sources:
https://cointelegraph.com/news/apple-goldman-sachs-drop-plans-trading-app-report
