Tech titan Apple was reportedly in discussions with the American multinational investment bank Goldman Sachs to develop an in-built crypto and stock trading feature in iPhones.
The TD;LR:
- Apple began developing a new iPhone tool for buying and selling crypto and stocks.
- Goldman Sachs was assisting Apple to create the feature during Covid in 2022.
- The development process was halted due to ongoing stormy market conditions.
The iPhone Trading Feature on the Brink
The main idea of the trade facilitator was to mirror Robinhood’s cost-free trading system, which enables users to purchase and sell cryptocurrencies, stocks, and other financial instruments. Other rivals include Sofi and Block’s Square and conventional banking firms Morgan Stanley’s E-trade and Charles Shwab.
Apparently, the foundational framework for this trading tool — said to have emerged during the stock boom during Covid in 2022 — is “primarily established and awaiting integration.”
Apple was working on the investing feature at a time of zero interest rates during Covid, when consumers were stuck at home and spending more of their time and their record savings in trading shares, including meme stocks like GameStop and AMC, from their smartphones.
CNBC
However, market dynamics are said to have caused the investment-oriented function to be postponed shortly afterward. Trading markets witnessed turbulence due to escalating inflation and rising rates, forcing Apple to become apprehensive about rolling out a feature that could potentially incur losses.
If the venture were to get the nod of approval, it would mark yet another milestone in Apple and Goldman Sach’s partnership. The two powerhouses already offer a no-fee credit card that seamlessly integrates with Apple devices. Consequently, it would further solidify their relationship with an extra innovative edge, pioneering financial solutions for all iPhone users interested in bartering.
