U.S. markets closed
  • S&P 500

    3,811.15
    -18.19 (-0.48%)
     
  • Dow 30

    30,932.37
    -469.64 (-1.50%)
     
  • Nasdaq

    13,192.35
    +72.92 (+0.56%)
     
  • Russell 2000

    2,201.05
    +0.88 (+0.04%)
     
  • Crude Oil

    61.66
    -1.87 (-2.94%)
     
  • Gold

    1,733.00
    -42.40 (-2.39%)
     
  • Silver

    26.70
    -0.98 (-3.56%)
     
  • EUR/USD

    1.2088
    -0.0099 (-0.81%)
     
  • 10-Yr Bond

    1.4600
    -0.0580 (-3.82%)
     
  • GBP/USD

    1.3922
    -0.0091 (-0.65%)
     
  • USD/JPY

    106.5500
    +0.3200 (+0.30%)
     
  • BTC-USD

    46,303.00
    +7.34 (+0.02%)
     
  • CMC Crypto 200

    912.88
    -20.25 (-2.17%)
     
  • FTSE 100

    6,483.43
    -168.53 (-2.53%)
     
  • Nikkei 225

    28,966.01
    -1,202.26 (-3.99%)
     

Apple positioned to offer cryptocurrencies -RBC report

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
  • Oops!
    Something went wrong.
    Please try again later.

Feb 8 (Reuters) - Apple Inc has a "clearopportunity" to offer a buying and selling mechanism forcryptocurrencies, a move that would allow the company toimmediately gain market share, according to a research report onMonday from RBC Capital Markets.

With its access to world-class software and a secureecosystem, Apple could tackle the problem individuals faceacquiring crypto assets due to know-your-customer laws and otherregulations with the company offering a closed system thatprevents nefarious activity, improves asset security, and hasinstant access to buyers and sellers, the report said.

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

"If the USA owns the most crypto assets (be it Bitcoin orother assets), it would not make logical sense in our view toban it," RBC analysts said in the report.

The report came the same day that top cryptocurrency bitcoinstrode closer to mainstream acceptance afterbillionaire Elon Musk's electric vehicle company, Tesla Inc, revealed it had bought $1.5 billion of bitcoin andwould soon accept it as a form of payment for cars - sending thecryptocurrency shooting higher.

Apple has proceeded cautiously with cryptocurrencies. Thecompany banned cryptocurrency wallets from its App Store in2014, but later reversed the decision and now allows them.However, Apple bans mining for cryptocurrencies on iPhones anddoes not allow its Apple Card credit card to be used to purchasecryptocurrencies.

(Reporting by Karen Pierog in ChicagoAdditional reporting by Stephen Nellis in San FranciscoEditing by Alden Bentley and Matthew Lewis)