In a surprising joint decision, Apple and Goldman Sachs canceled their ambitious plans to launch a futures trading app. The news, which was announced on September 19 via CNBC, shook the financial world.
Initially scheduled for release in 2022, the app was hit by growing economic difficulties last year. Rising interest rates and inflationary tensions scared investors away from risky assets, leading to the suspension of the project.
Sources close to the project revealed that the infrastructure was mostly built and ready for launch, in case Apple decides to return to its original plan in the future. It is not yet clear whether the app would have included cryptocurrency futures trading.
The collaboration between Apple and Goldman Sachs to diversify financial offerings to customers in the United States began with the launch of a credit card in 2019. Apple later introduced a “buy now, pay later” feature, allowing users to split your purchases in four equal payments without interest.
In April, the company introduced a savings account backed by Goldman Sachs, offering an attractive 4.15 % annual yield. According to recent reports, user deposits in this savings account exceeded 10 billion dollars. The partnership was not without challenges, however, as Goldman Sachs faced financial difficulties in managing Apple’s credit card, with a high average customer acquisition cost of $350.
(Referential image source: Daniel Romero, Unsplash)