Despite having shown a slight interest in blockchain technology, Apple seems unwilling to bet on crypto.
During the last year, the adoption of blockchain and crypto technology has grown a lot. Large companies as tesla o microstrategy have developed aggressive Bitcoin purchasing strategies. Others, like Netflix or JP Morgan They have created their own spaces in the metaverse.
Some companies, like Samsung, have gone even further, announcing the creation of your own cryptocurrency exchange, through its subsidiary Samsung Securities. The South Korean company intends to launch its exchange during the first half of next year and seeks to offer services for the purchase, sale, exchange and custody of cryptocurrencies.
In this sense, Samsung is one of the companies that has been most involved in the implementation of blockchain functionalities. In May, the tech giant partnered with Nifty Gateways to create Native NFT marketplace for your smart TVs. Later, the company created a commemorative NFT for the launch of one of its smartphone models and even opened a store on Decentraland.
Apple and blockchain technology
On the other side of this spectrum we find Apple. The technology company seems not to have as much interest in the world of cryptocurrencies as its main Korean competitor. Although its current CEO, Tim Cook, has spoken favorably of cryptocurrencies on several occasions, going so far as to ensure that he has invested in them, the company has assured on several occasions that is not thinking about developing functionalities linked to crypto.
However, in August 2021, the company posted a job offer on its official portal in which they requested a “business development director focused on alternative payments”. In this sense, it would be a position focused on the development of payment methods that do not have to do with cards or cash, which led many to think that Apple was thinking of developing some functionality for cryptocurrency payments.
Apple has always been characterized by its innovative attitude, which is why its position against crypto is strange. Above all, when in 2018 the company announced that they were studying the implementation of blockchain technology with the aim of drive a more ethical supply chain.
On the other hand, Tim Cook also dismissed rumors that Apple could copy Tesla's investment strategy, ensuring that Apple investors want exposure to its technological advances and no to buying cryptocurrencies.
The App Store and DeFi applications
In December 2020, Apple implemented a series of new guidelines to comply with the California Consumer Privacy Act, the New York SHIELD Act, and the General Data Protection Regulation in Europe, resulting in remove a large number of DeFi applications, especially those focused on decentralized loans
Apple conducts regular audits of its app store with the aim of eliminating all those that do not comply with quality and customer protection standards. However, some fraudulent applications escape this analysis, such as the case of “Toast Plus”, a fraudulent app that posed as a digital wallet.
The app, which copied the name, colors and logos of another wallet, caused several users lost their crypto funds; managing to keep more than $500.000 in tokens. Two of these users submitted a lawsuit against Apple in Maryland court, although the judge ultimately dismissed the lawsuit.
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