More big names are in crypto these days, including the US government Recently Joe Biden signed an executive order on crypto, aimed at advancing the “U.S. competitiveness and leadership” in digital assets and crypto ecosystem. But, as Derick David writes at Forbes, the one big name a good number of the crypto community are waiting for is – Apple!
Apple has been extremely quiet about crypto. The last time we heard anything from the company was in 2019 when Apple Pay’s VP Jennifer Bailey said the company was “watching cryptocurrency” and strongly believes it has “interesting long-term potential.” In February 2020 it hired Warner Music’s former head of technology innovation, to work on blockchain projects for digital assets, and in November 2021 Tim Cook told the new York Times that Apple was looking into the possibility of accepting crypto through Apple Pay. But since then we’ve heard nothing.
Instead, Apple Pay launched a new feature in February 2022. This allows retailers to use their iPhones to accept instant payments and is called Tap to Pay. It could be used for crypto, but it isn’t.
However, there was one interesting development in March this year: Metamask, one of the most used crypto wallets, announced its support for Apple Pay so people can buy crypto directly from their wallets. Derick David points out that at the same time as this announcement, Apple advertised for new legal counsel “with expertise and experience on blockchain, digital assets, and payment platforms.”
Around the same time, Apple acquired Credit Kudos, a UK-based fintech startup, bringing a range of payment functions in-house. This gives Apple the potential to offer a crypto service that would enable people to buy products, save or invest money, and pay their bills with crypto or fiat – if Apple chooses to adopt crypto! The combination of Credit Kudos and Apple Pay could “help billions of users have a frictionless banking and payment experience,” as Derick David says.
Why is the crypto community so anxious for Apple to come on board? It’s simple really. Apple is in a unique and powerful position to best support crypto. It has over one billion active iPhone users and fans of the brand follow “their software and hardware ecosystem and hundreds of thousands of people wait in excitement for their Keynote events and product releases.”
The Apple ecosystem could supercharge crypto adoption, simply because it would offer seamless integration through their products, a global reach, and a cult-like following.
It is still keeping quiet for now, but when it does decide to make a crypto move, expect big, big positive changes for crypto.