Fri, August 19, 2022

Apple Indicates Long-Term Competence of Digital Coins

Apple: Street signage board with Apple Inc. logo.


In a recent news report, the vice president of Apple Pay, Jennifer Bailey, disclosed the company’s recognition. That perhaps showed confidence about digital coins market.

Bailey stated, “We’re watching cryptocurrency.” She also added, “We think it’s interesting. We think it has interesting long-term potential.”

Her commentary may be brief, but it has offered a hint into how the tech giant is considering bitcoin. It is together with understanding the broader crypto market with an open mind.

At the present moment, Apple’s market capitalization is more than five times higher than that of bitcoin, which rests at $188 billion.

Her statement “interesting long-term potential” ensures there is an opportunity for Apple to immerse in crypto itself, or to shut it off later on.

Meanwhile, if Apple works toward a crypto wallet for the iPhone, it won’t be the first phone manufacturer to the market.

First Crypto Wallet for Gadgets

HTC’s Exodus 1 already comes bundled with a “secure enclave” intended to keep your crypto holdings distinct from other apps on the device.

This week, Samsung introduced a blockchain-enabled smartphone which is a paywall.

Samsung’s Galaxy Note 10 device is essential with some crypto-cobranding, courtesy of Klaytn, a South Korean blockchain platform.

Recently, Apple unveiled its credit card that is supported by Mastercard and Goldman Sachs. Moreover, this card primarily exists within the Apple Pay wallet of the owner’s iPhone.

Apple’s restraint probably indicates the company would back the existing cryptocurrencies. This is very opposite to creating its own, like what Facebook is attempting to do with Libra.

In addition, it is quite similar to other standards. Such as the communication tech behind Apple Pay, and the wireless-charging standard its newer iPhones use.

Elsewhere in news reports, Bailey indicated that in launching Apple Pay, the firm has made it tougher for users to tip.

Bailey also indicated that the company is looking at the problem and in addition in quest of resolutions.

Read more: Apple released the latest quarterly results


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