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.

K. Tovar

Source: Cointelegraph

(Referential image source: Daniel Romero, Unsplash)

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The Organization of the Petroleum Exporting Countries (OPEC) and its allies, the group known as OPEC +, agreed on Wednesday to keep their plans to increase crude production by 400,000 barrels a day, the cartel reported in a statement.

OPEC + met this Wednesday like every month to assess the situation of the oil market and decide what adjustments to make to its production.

The cartel stressed that, despite the effects of the pandemic on uncertainty, oil market fundamentals have “strengthened” in recent weeks and OECD crude stocks have continued to fall as the recovery has sped up.

According to the plan they decided in July, OPEC + will increase its production by 400,000 barrels a day each month until completely reversing the cut to production of 5.8 million barrels a day that they agreed to last year.

After knowing this decision, the price of oil futures contracts has not registered large changes. A barrel of Brent, the benchmark in Europe, has reached 71.25 dollars, 0.5 % less, while West Texas Intermediate, the benchmark barrel in the United States, has fallen 0.45 %, to 68, $ 16.

The next inter-ministerial meeting of the OPEC countries and their allies will take place on October 4.

Source: dpa

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Binance announced that it will stop offering crypto derivatives trading within the entire European region, starting in Germany, Italy and the Netherlands.

“Today we announced that we plan to reduce our offer of derivative products throughout the European region” starting with the countries already mentioned as the exchange platform said through its social networks.

On the other hand, the company added that over time it will reduce access to the region for local futures and derivatives products.

Binance noted that the latest move aligns with a commitment to engage in constructive dialogue with global regulators regarding local requirements.

This line of actions is based on the idea of ​​the company to gradually reduce some services. The daily withdrawal in Europe is expected to be reduced from 2 bitcoin to 0.06 in August.

K. Tovar

Source: Cointelegraph

La entrada Binance announces suspension of derivatives trading in Europe apareció primero en Bitfinance.