Apple and Goldman Sachs have reportedly scrapped plans to launch futures trading apps, as stated in a September 19 report from CNBC, citing sources familiar with the situation.
The project, initially slated for a 2022 launch, was put on hold last year due to worsening economic conditions, increasing interest rates, and inflationary pressures, which deterred investors from risk assets.
Sources indicate that the infrastructure for the project has been largely developed and could be launched if Apple decides to proceed with its original plans. Furthermore, it remains uncertain whether Apple and Goldman Sachs intend to incorporate cryptocurrency futures trading into the app.
During the pandemic, Apple sought to diversify its business and partnered with Goldman Sachs to offer financial solutions to US customers. The collaboration first led to the launch of the Apple Card in 2019. Earlier this year, Apple introduced a "buy now, pay later " feature, allowing users to split purchases into four equal payments without incurring interest charges. In April, the tech giant unveiled another Goldman Sachs-backed product: a savings account boasting an annual interest rate of 4.15%. Reports suggest that user deposits in Apple savings accounts have exceeded $10 billion.
However, this partnership has faced its challenges. Goldman Sachs reportedly incurred financial losses in managing the Apple Card, with an average customer acquisition cost of $350.
Apple's foray into financial services is part of a broader trend. After acquiring X (formerly Twitter), Elon Musk revealed plans to transform the social network into an "app for everything," including financial services on the platform. Users are expected to conduct " the entire financial world" on X in the near future.
Progress on Musk's plans seems to be underway. Rhode Island regulators issued a money transfer license to X on August 30, signaling a significant step in the company's expansion into financial services. This license is a requirement for companies offering financial services, including handling fiat and crypto assets on behalf of users. Once approved, X will have the ability to host, transfer, and exchange digital currencies. X has also obtained money transfer licenses in Arizona, Georgia, Maryland, Michigan, Mississippi, Missouri, and New Hampshire.
