Apple and Goldman Sachs Abandon Futures Trading App Amid Economic Turbulence

Plans Scrapped Amid Uncertain Economic Conditions

According to a report by CNBC on September 19, Apple and Goldman Sachs have halted the development of a much-anticipated futures trading app. Initially slated for a 2022 rollout, the project was put on ice as the market saw rising interest rates and persistent inflation. Investors were not exactly lining up for risky ventures during that turbulent time.

Project Infrastructure is Nearly Ready

Despite the scrapped plans, insiders indicate that the app’s infrastructure is “mostly built” and just waiting for Apple to give the green light. However, whether this includes a cryptocurrency futures trading component remains a mystery, keeping financial analysts on their toes.

Apple’s Bold Financial Moves

Apple isn’t just sitting idly by. During the pandemic, they decided to diversify their offerings in the financial realm, teaming up with Goldman Sachs for various initiatives. Coffee break in the tech world now involves discussing earnings reports and interest rates.

• 2019: Launch of the Apple credit card in partnership with Goldman Sachs.
• 2023: Introduction of a buy now, pay later feature, enabling customers to make payments in quarters—without interest!
• April 2023: Launched a savings account boasting a 4.15% annual percentage yield. Deposits have reportedly surpassed the $10 billion mark.

Financial Strains on Goldman Sachs

However, not all that glitters is gold. The collaboration hasn’t been without its hiccups. Goldman Sachs faced financial strains due to the high costs associated with acquiring new customers for the Apple credit card, averaging out to a whopping $350 per customer. Ouch!

Everybody’s Getting in on Fin-tech

And it doesn’t stop at Apple; other tech giants are diving deep into the financial waters as well. Notably, Elon Musk has plans for X (formerly Twitter) to evolve into an “everything app,” which will facilitate financial services. Big tech is clearly revamping their strategies to integrate financial solutions.

With the Rhode Island regulators recently giving the nod for X to have a currency transmitter license, the landscape of digital currency and financial transactions is set to expand considerably. Users should keep an eye on what’s coming, as this trend allows them to engage in crypto exchanges more freely.