Apple to start supporting cryptocurrency soon

Apple recently posted a job ad on its website which hints that the company might soon support cryptocurrency payments, and the tech world is understandably buzzing about it.

As reported by Forbes, the tech giant posted a job position for a “Business Development Manager – Alternative Payments”, which requires the candidates to have experience with handling cryptocurrency.

“The Apple Wallets, Payments, and Commerce (WPC) team is seeking an experienced Business Development Manager to lead Alternative Payments Partnerships. We are looking for a proven professional in global alternative and emerging payment solutions,” the job post stated.

One of the key qualifications required for the role was “5+ years experience working in or with alternative payment providers, such as digital wallets, BNPL, Fast Payments, cryptocurrency and etc.”

Apple has proceeded cautiously with cryptocurrencies. The company banned cryptocurrency wallets from its App Store in 2014, but later reversed the decision and now allows them. However, Apple bans mining for cryptocurrencies on iPhones and does not allow its Apple Card credit card to be used to purchase cryptocurrencies.

Apple has a “clear opportunity” to offer a buying and selling mechanism for cryptocurrencies, a move that would allow the company to immediately gain market share, according to a research report from RBC Capital Markets.

With its access to world-class software and a secure ecosystem, Apple could tackle the problem individuals face acquiring crypto assets due to know-your-customer laws and other regulations with the company offering a closed system that prevents nefarious activity, improves asset security, and has instant access to buyers and sellers, the report said.

It added that if Apple, which already has a Wallet app, went down this path, the move would likely make the United States a global leader in crypto assets, lessening the possibility of a government shutdown of the industry.