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Will Apple Enter the Cryptocurrency Business?

By Crypto Alphabet | Alphabet News | 9 Feb 2021


Apple Inc. has a promising opportunity to buy and sell cryptocurrency, according to a new research report from RBC Capital Markets.

Not only does Apple have a payments service in the form of Apple Pay, it also has the ability to abide by KYC laws and create a secure system for retail crypto purchases.

Other companies such as PayPal and Square have integrated crypto purchases with their apps, meaning that Apple might want to compete with those similar services.

Apple itself has not made any movements toward cryptocurrency in the past. It has banned third-party wallets and mining apps from its stores, but that does not imply anything about its stance toward a first-party cryptocurrency service.

In fact, co-founder Steve Wozniak launched an energy management blockchain company called Efforce last December, giving the company a tentative connection to cryptocurrency.

Apple has not directly commented on the possibility of retail crypto services, which is merely speculation on the part of the authors of the report.

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