Apple and Goldman Sachs have abandoned their plans to launch a trading app.

According to CNBC’s report on September 19, Apple and Goldman Sachs have decided to abandon their plans to launch a futures trading app.

The project, originally slated for a 2022 release, was put on hold last year due to challenging economic conditions, including rising interest rates and inflation pressures that deterred investors from risky assets.

Sources reveal that the project’s infrastructure is mostly complete and ready for launch if Apple chooses to proceed with its original plan.

However, it remains unclear whether the app would have included crypto futures trading.

Amidst the pandemic, Apple aimed to diversify its business and provide financial solutions to its U.S. clients.

To achieve this, the company partnered with Goldman Sachs to develop various initiatives.

Back in 2019, Apple joined forces with the bank to introduce a credit card, marking their initial collaboration in the financial sector.

Recently, the tech giant expanded its offerings by introducing a buy now, pay later feature earlier this year.

This feature enables users to divide their purchases into four equal payments, interest-free.

This move demonstrates Apple’s commitment to providing innovative financial solutions and enhancing the convenience of its services for customers.

Apple and Goldman Sachs Forge Financial Partnership and Future Expansion Plans

Apple and Goldman

In April, just a few weeks later, Apple made another significant announcement in collaboration with Goldman Sachs.

They unveiled a savings account that boasted an impressive 4.15% annual percentage yield, further solidifying their partnership.

Recent reports indicate that user deposits in Apple’s savings account have surpassed $10 billion, reflecting the popularity and success of the offering.

However, the partnership with Goldman Sachs has not been without challenges.

Managing Apple’s credit card reportedly caused financial setbacks for the bank, with an average customer acquisition cost of $350.

It seems that Apple’s foray into financial services is part of a larger trend in the tech industry.

Following Elon Musk’s acquisition of X (formerly Twitter), he revealed plans to transform the social network into an “everything app” that incorporates various financial services.

Musk envisions a future where users can conduct their entire financial world within the X platform.

Musk’s vision is making progress as evidenced by recent developments.

On August 30, Rhode Island regulators granted X a currency transmitter license, marking a significant step forward for the company’s expansion into financial services.

This license is crucial for companies offering financial services on behalf of users, encompassing both fiat and crypto assets.

With the approval in place, X will be able to securely store, transfer, and exchange digital currencies.

Additionally, X has obtained money transmitter licenses in several other states, including Arizona, Georgia, Maryland, Michigan, Mississippi, Missouri, and New Hampshire.

This progress highlights X’s growing presence and ambition in the financial services sector.

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