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Prior To Last Year’s Market Downturn, Apple And Goldman Were Preparing An iPhone Stock-Trading Function

Three people with knowledge of the plans said that Apple and Goldman Sachs were developing a feature that would allow users to purchase and sell stocks as the value of stocks rose in 2020 and investors flocked to trading apps like Robinhood.

The individuals, who sought to remain anonymous because they lacked authorization to speak on the subject, claimed that the project was postponed last year when the markets began to decline.

The project, which had not previously been publicised, would have expanded Apple’s lineup of financial services backed by Goldman. In 2019, Apple and the Wall Street bank first collaborated to offer a credit card. Later, they also introduced buy now, pay later (BNPL) loans and a high-yield savings account. In terms of user deposits, the business reported last month that the savings account offering had surpassed $10 billion.

Goldman and Apple’s spokesman both declined to comment.

When interest rates were at zero during the Covid period, people were stuck at home and investing a greater portion of their time and record savings in trading shares, even joke stocks like GameStop and AMC, from their cellphones.

Source (CNBC)

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