Apple Is Closely Observing Cryptocurrencies


September 5, 2019 9:49 pm

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Jennifer Bailey, the vice president of Apple’s payments service, Apple Pay, recently stated that the company sees potential in cryptocurrencies. According to CNN’s report, Bailey was recently a part of a private event in San Francisco.

Meanwhile, Bailey said:

“We’re watching cryptocurrency. […] We think it’s interesting. We think it has interesting long-term potential.”

Apple’s interest in digital currencies follows a similar widely-covered move announced by Facebook, that announced its Libra cryptocurrency in June. 

CNN quotes Dan Ives, an analyst at Wedbush Securities, commenting:

“This would be a major shot in the arm for crypto if Apple headed down this [the same as Facebook] path. […] Given where Apple strategically is focused, a move into crypto could make sense given its sights on further monetizing its consumers over the coming years.”

While Apple does not reveal the number of Apple Pay users, the tech giant claims that the service processes nearly one billion transactions per month. Bailey also included that since the product’s launch in 2014, store acceptance of contactless payments in the United States grew from 3% to over 70%.

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