On Wednesday, September 20, the fast-paced tech and investment companies Apple and Goldman Sachs dropped plans to launch a trading application. A source privy to the matter said the proposed futures trading application was supposed to be launched last year.
However, due to the unprecedented economic downturns and spiking inflation, Apple and Goldman Sachs extended the deadline for officially launching the trading application. Also, the decision to put the project on hold was triggered by last year’s bearish crypto market that forced investors to sell off their digital assets.
Apple and Goldman Sachs Scraps Plans to Launch Trading Application
The report indicates that the idea of debuting the trading platform faded after the demand for trading applications declined during the bearish market. Unlike in 2020, when demand for investment solutions and trading applications was high, Apple and Goldman Sachs seemed to scrap the original plan.
A review of the proposed trading application portrayed that the developers were almost ready to complete the project. It implies that the team behind the trading application is at the final stage towards the completion of the project.
In a previous report, the tech company had revealed plans to integrate investing features into the trading application. Apple explained that the investing feature will be at zero rates, and the development team has commenced working on the project.
In the report, Apple confirmed plans to launch the investing features in 2022. Reportedly, the investment feature aimed at allowing iPhone users to invest in Apple shares more effortlessly. However, the slump in stock prices forced Apple to pursue other viable opportunities. Reflecting on the performance of the stock market, Apple stated that the expected investing features could expose the customers to the inherent risk of financial losses.
Objective of Apple and Goldman Sachs Parnership
Apple and the Goldman Sachs team launched a groundbreaking savings account in April that will generate 4.15% annual returns. A statistic shared by the tech firm demonstrated that the users’ assets locked on Apple saving accounts reached $10 billion.
A source familiar with the matter stated that it remains unclear whether Apple and Goldman Sachs planned on creating a crypto future trading category in the new application. In 2019, Apple entered into a partnership agreement with Wall Street Bank to revolutionize the financial sector.
At that time, Apple planned to diversify its business to introduce financial services to US customers. The two agreed to develop a credit card to bolster the financial health of the customers. Interestingly, the unique credit card marked a significant milestone for Apple and Goldman Sachs to gain considerable dominance in the financial sector.
Driven by the desire to transform the financial industry, the two companies introduced a buy now pay later feature to improve the efficiency of the transaction. The new feature allowed the credit card holder to divide the purchase into four equal payments.