Apple boss developing a cryptocurrency to rival Facebook’s Libra

US tech giant Apple has dropped its biggest hint yet that it may launch a cryptocurrency next year. Amid the hype of Facebook’s Libra crypto project, many of the world’s leading technology companies retreated to the shadows earlier this year, perhaps to rethink their own token plans in the face of such colossal competition.



But Apple may be the first challenger to throw down the gauntlet to Mark Zuckerberg’s global dominance. Speaking at a private event in San Francisco yesterday, Apple Pay’s vice president – Jennifer Bailey – told CNN reporters that cryptocurrency was on the company’s radar. "We're watching cryptocurrency," she said. "We think it's interesting. We think it has interesting long-term potential."

Although it gave little away in terms of quite what Apple is looking to do in the crypto space, the very suggestion that a popular tech behemoth was even "watching cryptocurrency" added enough fuel to the fires of excitement for global experts.

Many will have made the connection to Apple filing a lengthy submission to the US Securities and Exchange Commission earlier this year pertaining to its desire to commit to human rights throughout its global supply chain.

Deep within the details of the 9,800-word Conflict of Minerals report were suggestions that Apple was actively working on using blockchain technology.

While blockchain can be used effectively as a guarantee of provenance for Apple’s minerals supply, it is also the technology that underpins cryptocurrency.


It would, therefore, seem perfectly safe to assume Apple has been actively working on its own crypto – particularly in light of Jennifer Bailey’s comments.

Responding to the revelation on CNN, a spokesman for Los Angeles-based wealth management giants Wedbush Securities said the move seemed like a natural step for such an enormous global brand.

"This would be a major shot in the arm for crypto if Apple headed down this path," explained analyst Dan Ives.

"Given where Apple strategically is focused, a move into crypto could make sense given its sights on further monetising its consumers over the coming years."



Coin Rivet is a website bringing news, information, analysis, opinion and insight from the fast-moving blockchain world.

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