Apple crypto entry hints are getting bigger, with a recent job ad for an alternative payments hire getting the crypto juices flowing.
Also, earlier this year Reuters reported that Apple has plans for stepping into the crypto sector.
The entrance of Apple into the cryptocurrency ecosystem will completely revolutionize the way it works.
For the last two years, the cryptocurrency industry recorded immense recognition and investment through Bitcoin and other cryptocurrencies – any meaningful entry by Apple would likely see a major boost for crypto asset values across the board, in addition to the impetus it would give to the adoption of blockchain-based products in all sorts of industries.
Some of the top companies that have been buying bitcoin of adding crypto to their payments product line-up, include Square Inc. Microstrategy and Tesla.
Square Inc. invested on average of their total assets amounting to $170 million, while Microstrategy CEO Michael Saylor invested $1 billion and Tesla invested $1.5 billion. All these investments and institutional adoption helped increase people’s interest in cryptocurrencies.
Apple’s Involvement in Crypto Sector
Apple co-founder Steve Wozniak has been a strong supporter of crypto for years now. He once stated Bitcoin would become the world’s primary currency one day. Apart from being a strong supporter, he co-founded a cryptocurrency known as “Efforce,” offering “WOZX” as its native token.
On May 25, 2021, Apple WPC (Wallets, Payments, and Commerce) posted a job for a Business Development manager to be in charge of its “Alternative Payments Partnerships.”
Apple’s adoption of crypto could revolutionize the industry. 10 ways the tech giant could boost crypto adoption include:
1. Apple pay integration
Apple Pay enables users to make payments using the iOS app, Safari web, or even in person. The firm’s payment system is supported on Apple Watch, Mac, iPhone, and iPad. Presently, Apple boasts1.65 billion users.
So, integrating crypto wallets with Apple Pay will drive more adoption. People can use cryptocurrencies to make payments through the app instead of their credit cards.
2. Apple’s ease of use stardust
Integrating crypto into Apple devices will go a long way to simplify crypto for users. Many people shy away from the industry due to the perceived complexities in its operations. It’s challenging to understand how crypto and its underlying blockchain works. That probably is why a major portion of the world’s population is not investing in it yet.
But a trusted company like Apple can make it easy for people to use crypto in their day-to-day transactions. By integrating it into its iPhone wallet, crypto users will have a safe and fast means of using their crypto.
3. Apple to use micropayments for services?
A micropayment is a process of paying small sums for virtual goods and services. Apple can join the league to adopt the system by launching a significant payment processor.
Some of the Apple services include Movies, Music, Stickers, Books, App purchases, TV shows, etc. If the firm accepts crypto for payments of its services, the crypto industry could experience a boom.
Instead of paying a lump sum to access Apple services, the company can allow its customers to make micropayments in crypto for them. This approach could drive more sales to the company alongside pushing crypto adoption further.
4. Integrate blockchain tech in Apple services beyond payments
Apart from accepting payments in crypto, Apple could use blockchain technology for other facets of its business. The company had filed a patent four years ago for a “Blockchain-Based Timestamp Verification System.”
Such moves can also encourage more tech firms to integrate the blockchain into their products, thereby helping bring crypto to the masses.
5. Apple to acquire a crypto project
Another way Apple could bring a positive change to the crypto industry is to acquire a project. Investing hugely in a crypto project will mean support, adoption, and participation. Such a move might convert many Apple customers into crypto enthusiasts and investors.
6. Introducing the Applecoin
Imagine a world where there’s an Applecoin to buy, trade, invest and hold. The truth is that more and more people will join the crypto industry to lay their hands on it. Developing an Applecoin is one major way to bring revolution to the industry.
Apple is one of the trusted and widely accepted tech companies in the world. The San Francisco-based tech firm’s products are usually a hit after they get launched. The company makes almost 80% of its money from hardware sales. So, the reality of an Applecoin will cause a massive movement into the crypto space.
7. How Apple could make crypto safer
Apple’s operating system is one of the strongest as far as security is concerned. It’s nearly impossible to hack an iPhone or iPad. These devices come with robust significant security tools, and constant updates to them protect them from cybercriminals.
Apple can bring such a level of security to the crypto space fraught with insecurities and vulnerabilities. It could revolutionize the industry by introducing more stringent security measures to exchanges, wallets, and crypto projects.
8. Apple could add crypto to balance sheet
Apple could decide to hold some of its treasury in bitcoin in addition to cash, just like Tesla’s CEO and other companies have. If the company converts as little as 1% of its valuation into crypto that would have an enormous impact given its $2 trillion market capitalization. Also where Apple goes, other companies would be likely to follow its lead. These moves by Apple could boost crypto mainstream adoption to higher levels.
9. Create a crypto exchange
Companies such as Paypal and Square have created a possibility of purchasing crypto through their apps. Apple could follow suit by integrating cryptos like Bitcoin with iOS, Apple’s mobile devices operating system.
If users could buy or sell crypto within iOS, the company might give a significant boost in the industry. Many experts already predict that it will dominate and own it within the shortest time if the tech firm joins the crypto space.
10. One last thing… Apple crypto exchange and iPhone wallet
Another great approach to entering the crypto industry is by transforming the iPhone into a crypto wallet. Generally, people still face a lot of challenges when investing or trading crypto. Thanks to PayPal, Robinhood, Cash App, etc., many crypto users can buy it in USD.
While these apps are great, they don’t support many cryptocurrencies like what we find on platforms such as Coinbase and Binance. That is why an iPhone wallet could be a path-breaking invention.
The device is one of the most-secured ones in the tech industry. Leveraging the security features of this device, users could invest with confidence and participate in crypto without security concerns.
If Apple decides to create a crypto exchange with iPhone hosting a software self-custody wallet, billions of people will troop into the crypto space.
It could of course also provide a choice for its customers, so that those who do not wish to go down the ‘self-custody’ route, where you are directly responsible for your private key, can avail themselves of a crypto custody service provided directly by Apple.
Also, Apple could get ahead of the competition in one big step by buying a top-tier exchange and opening it up to oversight by the SEC.
Will more Big Tech players adopt crypto
From 2009 to today, cryptocurrencies have continued to expand their reach to many industries. Some of the big players in different sectors have shown their support for crypto in one way or another, notably Facebook with its Libra project – now rebranded as Diem.
Many of these industry leaders are investors in crypto start-ups, while others integrate crypto and its underlying blockchain technology into their operations.
Apple has also been making investigations on how to penetrate the crypto space. It also filed a patent to use the blockchain to upgrade the security of its devices. In essence, it will immensely benefit the crypto industry if the tech giant takes a big step into the market.
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