- Jennifer Bailey says the iPhone maker is “watching” the cryptocurrency technology
- The technology “has an interesting long-term potential”
- Apple hasn’t been tied to any cryptocurrency projects
An Apple executive has revealed that the tech giant is keenly watching the crypto space. This is the first time the company has said publicly that it’s paying attention to the technology behind bitcoin, Ethereum, and other decentralized currencies.
Future of Digital Payments
The Vice President of Apple’s Payment Pay, the company’s payment service Jennifer Bailey revealed during an interview with CNN’s chief business correspondent during a private event in San Francisco that the project’s collective opinions on the crypto industry. She addressed the new asset class as part of a talk on the future of digital payments and the company’s push into the sector. Bailey stated:
“We’re watching cryptocurrency. We think it’s interesting […] we think it has an interesting long-term potential.”
Move into the Crypto Scene Would Be Amazing
Jennifer Bailey’s sentiments come hot on the heels of the company’s release in August of the Apple card, a credit card created in partnership between them and MasterCard and Goldman Sachs. The card becomes Apple’s latest expansion in the company’s line of finance consumer products since its founding in 2014. Commenting on the issue, Dan Ives, a security analyst at Wedbush told CNN business Apple’s potential move into the crypto scene would be amazing, he said such a move would be:
“A major shot in the arm for crypto […] could make sense given its sights on further monetizing its consumers.”
A Hot Topic for Silicon Valley
The declaration by Apple regarding crypto seems to be a strategic one, seeing that several conglomerates are slowly pushing into the crypto scene. Facebook announced plans to create its own crypto last June while other firms like Bakkt, HTC and others have embraced digital currencies through blockchain-related products or their own assets. Cryptocurrencies have continued to become a hot topic for Silicon Valley companies and failure by any company to consider the crypto community would be a poor choice for a company looking for the appeal of the tech-savvy market.
Apple hasn’t been tied to any cryptocurrency projects and Bailey’s comments seem in line with the fact that in February, Apple submitted a filing with the Securities and Exchange Commission (SEC) that contained rare details about the computing giant’s interest in blockchain tech. The statement could be a signal in a change in Apple’s approach to the crypto industry; only time will tell whether Apple will make a legitimate move to embrace crypto.