Apple CEO Tim Cook has publicly declared that the giant tech company is not planning to launch its own corporate cryptocurrency according to an interview on CNBC on October 3. Mr. Cooks highlighted that Apple does not believe in the idea of private corporations setting up private currencies that compete with each other.
Multiple Private Cryptos are Useless
Tim Cook, Chief Executive Officer of the iconic tech giant Apple, has discussed the company’s position on the spreading trend of large corporations developing their own private cryptocurrencies. Mr. Cook, who took the lead of Apple in 2011 after Steve Jobs’s resignation, has shared publicly his skepticism towards new corporate cryptocurrencies projects.
Privately issued cryptocurrencies have been in the news for a good part of 2019 following Facebook’s Libra announcement. The public disclosure of such an ambitious project has led many industry analysts to speculate about potential similar initiatives by other huge tech corporations such as Google and Apple.
However, this is not the case for Apple Inc., in fact, Mr. Cook has denied the involvement of Apple in any crypto-related effort to build a private coin. Apple’s CEO has acknowledged the importance of leaving currency management in the hands of the sovereign countries, and then added that he does not see any added value in having multiple private currencies competing with each other.
Not Entirely Dismissed
Despite Tim Cook denying his interest in a corporate cryptocurrency, Apple has become a major player in the payments sector in 2019.
After launching Apple Pay in 2014, the company’s signature mobile payment solution, rumors spread about potential deeper involvement of the company in the payment sector. The allegations became a reality in March 2019 when Apple finally announced the rollout of an exclusive credit card for its customers in partnership with U.S.-based multinational investment bank Goldman Sachs and credit card processor Mastercard.
Cook’s latest announcements come a few weeks after Jennifer Bailey, Apple Pay Vice-President, who hinted that the company is paying close attention to cryptocurrency overall. Bailey had publicly declared that the multi-billion tech giant is currently looking into cryptocurrencies as they believe the space has interesting long-term potential.
In fact, despite Apple rejecting any involvement in the development of its own currency, the tech company’s cannot fully neglect the significance of the crypto market. After the launch of the CryptoTokenKit in September 2018, Apple released a software development kit (SDK) to enable developers on iOS and macOS to perform cryptographic operations securely, confirming interest in the emerging technology.