Apple and Goldman Sachs have reportedly decided to scrap their plans to launch an app for futures trading, according to sources familiar with the matter. The project, which was originally set to debut in 2022, was put on hold due to the challenging economic conditions caused by rising interest rates and inflation pressures. Despite the setback, the project infrastructure has been mostly completed and is ready for launch if Apple decides to move forward with the original plan. It remains unclear whether the app would have included crypto futures trading. The collaboration between Apple and Goldman Sachs aimed to diversify Apple's business and offer financial solutions to US clients.
Apple and Goldman Sachs: A Collaborative History
In 2019, Apple and Goldman Sachs joined forces to launch a credit card. The partnership continued earlier this year with the introduction of a buy now, pay later feature that allows users to split purchases into four installments without any interest charges. In April, the tech giant unveiled another Goldman Sachs-backed product: a savings account offering a 4.15% annual percentage yield. Recent reports indicate that user deposits in Apple's savings account have exceeded $10 billion. However, the collaboration has not been without challenges. Goldman Sachs reportedly incurred a financial setback from managing Apple's credit card, with an average customer acquisition cost of $350.
Apple and Elon Musk: A Similar Path?
Apple's venture into financial services is not an isolated move. After acquiring X (formerly Twitter), Elon Musk revealed plans to transform the social network into an "everything app" that includes financial services. Musk envisions users being able to conduct their entire financial world on the platform. Progress is being made towards this goal, as Rhode Island regulators recently granted X a currency transmitter license. This development allows X to provide financial services involving both fiat and crypto assets, including custody, transfer, and exchange of digital currencies. Money transmitter licenses have also been issued to X in several other US states.
