Apple Could be Joining the Cryptocurrency Bandwagon

Apple Inc., the American multinational technology firm in charge of the iPhone, iPad and other high-end devices, has hinted that it’s closely watching cryptocurrency and could join the bandwagon in the near future, according to a CNN report on September 5, 2019.

Apple Eyeing Cryptos

Despite the fact that one of the founders of Apple Inc., Steve Wozniak is also one of the heavyweights behind the Cardano (ADA) distributed ledger technology (DLT) project, the firm is yet to warm up to cryptocurrency or blockchain technology. However, it appears all that may change shortly.

Per sources close to the matter, Jennifer Bailey, vice president of Apple Pay, a centralized mobile payment and digital wallet service, has hinted that the multi-billion dollar tech giant is paying close attention to cryptocurrency, as it firmly believes that the nascent digital asset class has long-term potential.

In her words:

“We’re watching cryptocurrency. We think it has interesting long-term potential.”

While a good number of highly-reputed institutional investors such as the Intercontinental Exchange (ICE), which is the parent company of the New York Stock Exchange (NYSE); Fidelity Investments, a multi-trillion dollar asset management firm and others have since joined the crypto movement, Apple’s entry into the space could further boost mass adoption of bitcoin and altcoins

Commenting on the exciting development, Dan Ives, an analyst at Wedbush Securities reiterated that:

“It would be a massive shot in the arm for crypto if Apple headed down this path. Given where Apple strategically is focused, a move into crypto could make sense given its sights on further monetizing its consumers over the coming years.”

Mission Impossible?

Launched in 2014 with a vision to transform the world of mobile payments via a user-friendly and secure payments system, Apple Pay reportedly processes nearly one billion transactions monthly.

While the integration of blockchain technology into its payments business would enable it to offer lower fees on cross-border payments, the regulatory hurdles it must scale before launching its own cryptocurrency may deter Apple from treading that path in the long run.

Mark Zuckerberg’s Facebook officially revealed plans to launch the Libra global stablecoin on June 18, 2019, and since that time, financial regulators have put the firm on the hot seat.

Following Facebook’s audacious crypto exploits, U.S. authorities have proposed the “Keep Big Tech Out of Finance Act,” draft legislation, which is aimed at making it impossible for large tech firms like Apple and others to develop their cryptocurrencies.