The reason this project was stopped is twofold: first, due to the downturn in the financial industry, and second, because the project team "is worried about user backlash."

Source: Bitcoinist

Translation: Blockchain Knight

A report shows that tech giant Apple is collaborating with Goldman Sachs to develop a stock trading app for its devices. There are rumors that if the platform is indeed launched, it may list BTC and other crypto assets.

Mainstream media CNBC revealed Apple's plan to launch a stock trading app. The tech giant plans to compete with US internet brokerage Robinhood and similar companies that offer BTC and crypto assets to customers.

The report points out that the bull market in 2020 drove the development of this app by partners. During the COVID-19 pandemic, when the price of BTC rose to a historic high of $69,000, crypto assets, "meme stocks," and other assets also flourished.

Apple originally intended to do something with this bull market, but the industry experienced a significant downturn that affected the crypto market, leading to the shelving of the project.

CNBC stated that one potential use case for this app is to allow users to hold tech giant stocks. The reason this project was stopped is twofold: first, due to the downturn in the financial industry, and second, because the project team "is worried about user backlash."

The project team is concerned that with the continuous bearish trend of Apple stocks and other stocks, people may incur losses on the app.

A source told CNBC that the user interface and infrastructure are already prepared. Since 2019, Apple has expanded its "financial services arsenal." At that time, the tech giant launched credit cards, "buy now, pay later" features, and the adoption of these products has been growing.

In addition to the aforementioned companies, Apple also has to face other financial giants such as JPMorgan Chase and Morgan Stanley. If the company ultimately decides to develop and launch this app, it will also compete with many other companies such as PayPal and X.

As emphasized in the report, these companies already have or are developing products based on crypto assets, which may compel Apple to also provide similar services.

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