Apple and Goldman Sachs have reportedly abandoned plans to launch a futures trading app that was originally slated for a 2022 rollout. Economic conditions, including rising interest rates and inflation pressures, led to the project's suspension in the past year. While the infrastructure for the app is largely built, it remains uncertain whether it would have included crypto futures trading.


Apple and Goldman Sachs Shelve Futures Trading App Project


Apple and Goldman Sachs have reportedly decided to halt their plans to launch a futures trading app, according to sources familiar with the matter. Originally scheduled for rollout in 2022, the project was put on hold last year due to adverse economic conditions.


The project's infrastructure had been mostly developed and was poised for launch if Apple chose to proceed with its initial plan. However, it remains unclear whether the app would have included cryptocurrency futures trading as part of its offering.


Apple's foray into financial services began during the pandemic, as the tech giant sought to diversify its business and provide financial solutions to its U.S. clientele. In collaboration with Goldman Sachs, Apple introduced its first credit card in 2019. Subsequently, it launched a buy now, pay later feature earlier this year, allowing users to split purchases into four equal payments without interest charges.


In April, Apple unveiled another financial product, a savings account with a 4.15% annual percentage yield backed by Goldman Sachs. Reports indicate that user deposits in Apple's savings account have exceeded $10 billion. However, the partnership also faced challenges, with Goldman Sachs reportedly incurring a financial setback due to the high customer acquisition cost associated with managing Apple's credit card.


Apple's move into financial services mirrors a broader trend in the tech industry. Elon Musk, after acquiring X (formerly Twitter), expressed plans to transform the social network into an "everything app," encompassing various financial services on the platform. Musk aims to enable users to manage their entire financial portfolio within X.


Progress appears to be underway for Musk's ambitions, as Rhode Island regulators recently granted X a currency transmitter license, a crucial step for the company's venture into financial services. This license enables X to handle custody, transfer, and exchange of digital currencies, including both fiat and crypto assets. Additional money transmitter licenses were also issued to X in various U.S. states.


The decision by Apple and Goldman Sachs to suspend their futures trading app project underscores the challenges and shifting dynamics within the financial technology landscape.


(ANA PAULA PEREIRA, CoinTelegraph, 2023)