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Tim Cook Rules Out The Possibility Of Apple Launching Its Own Cryptocurrency

by firstcryptonews
October 10, 2019
in Industry
Tim Cook Rules Out The Possibility Of Apple Launching Its Own Cryptocurrency

Apple CEO Tim Cook presents the keynote address during Apple's Worldwide Developer Conference (WWDC) in San Jose, California on June 3, 2019. (Photo by Brittany Hosea-Small / AFP) (Photo credit should read BRITTANY HOSEA-SMALL/AFP/Getty Images)

Tim Cook, the chief executive officer of Apple said that the company does not plan to launch its own cryptocurrency.

“I really think that a currency should stay in the hands of countries. I’m not comfortable with the idea of a private group setting up a competing currency. A private company shouldn’t be looking to gain power this way,” he said in an interview with French publication Les Echos.

In September, Apple Pay vice president Jennifer Bailey said that the company was “watching cryptocurrencies” and sees in them a long-term potential. Cook is of a different opinion: “Currency, like defense, needs to stay in the hands of countries, that’s the heart of their mission. We elect our representatives to assume their governmental responsibilities. Companies aren’t elected and should not be going in this direction.”

On February 15, Apple submitted a document entitled “Summary of Apple’s Commitment to Responsible Sourcing” to the US Securities and Exchange Commission (SEC), indicating the company’s possible interest in blockchain technology.

In Apple’s Responsible Choice of Vendor Summary of Intent, the company talks about plans to support human rights in a global network of suppliers involved in the manufacturing process of its mobile and media devices, personal computers, and related accessories. Apple detailed the work within the company, as well as relationships with suppliers when choosing ethical ways to obtain materials for their popular products, such as the iPhone.

The document also mentions the “Blockchain Guidelines” being developed as part of the Responsible Business Alliance’s Responsible Minerals Initiative (RMI). In mid-December last year, the Alliance published “voluntary guidelines” and introduced the industry’s first initiative to define a single set of principles, attributes, and definitions for applying blockchain technology to maintain the legal purity of commodity supply chains. Apple in a document submitted in february did not mention the December press release, but it is listed as a “member company” on the organization’s website.

In addition, in the document, Apple disclosed that it is the chairman of the RBA advisory board, and also participated in a number of internal councils, working groups, including the “blockchain team”.

In December 2017, Apple filed a patent application for a system for creating and confirming timestamps using the blockchain.

Apple, meanwhile, continues to develop fiat-based payment initiatives such as Apple Pay and Apple Card. According to the terms of the Apple Card, customers are prohibited from using it to purchase cryptocurrencies.

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NYDIG, a leading bitcoin financial services firm, has announced that it will welcome the CFO of Bridgewater Associates John Dalby to its team. Dalby joins NYDIG as the new Chief Financial Officer (CFO) in what represents one of the biggest personnel shifts from the mainstream financial industry to the crypto world. Contributing to the Greater Good The new CFO held a similar position at Bridgewater Associates, the world’s largest hedge fund, before his appointment to NYDIG. Dalby said that he is delighted to join the team and was committed to helping NYDIG deliver innovative Bitcoin solutions to individuals and institutions. The former CFO of Bridgewater Associates joins NYDIG during a period of rapid growth. The leading provider of investment solutions for BTC recently raised over $200M in additional capital from a group of strategic partners. The funds came from top institutions such as Morgan Stanley, MassMutual, New York Life, Liberty Mutual, Stone Ridge Holdings Group, and more. NYDIG also launched a global Insurance Solutions practice that will spearhead the development of bitcoin-powered products and services for the global insurance sector. According to Robert Gutmann, Co-founder of NYDIG, Mr. Dalby brings deep financial services experience to help the crypto custody firm build institutional solutions that deliver BTC safely to everyone. NYDIG to Help US Banks Offer Bitcoin In what has been viewed by many crypto enthusiasts as another step toward crypto’s mainstream adoption, NYDIG has unveiled an industry-first bitcoin solution for banks. Rolled out in partnership with fintech giant Fidelity National Information Services, the new product will enable clients of some U.S. banks to buy, hold and sell BTC via their existing accounts. According to Patrick Sells, head of bank solutions at NYDIG, hundreds of smaller US banks have already agreed to participate in the program. The firm is now engaging some of the leading U.S. banks to join in and enable ordinary Americans to get access to BTC through their existing bank relationships. Until now, many BTC adopters have been forced to go outside of their traditional banking relationships to acquire the benchmark cryptocurrency. The vast majority of traditional banks have steered clear of offering bitcoin to their retail customers. Therefore investors often rely on crypto-centric companies like Coinbase or payment giants such as Square and PayPal to purchase bitcoin. The revolutionary solution from NYDIG will facilitate banks to offer crypto assets to their retail banking clients via a seamless, easy-to-use digital experience. More Banks Are Asking For Bitcoin Top Wall Street banks only recently warmed up to crypto and unveiled plans to allow their wealth management clients bet on bitcoin. However, they have so far refrained from offering the service to retail customers. Nevertheless, more traditional banks are now asking for bitcoin as demand for the asset mounts from retail banking customers. According to Yan Zhao, president of NYDIG, these banks are under increasing pressure to offer BTC to their clients as its reputation as a store of value continues to grow. “This is not just the banks thinking that their clients want bitcoin, they’re saying `We need to do this, because we see the data.’ They’re seeing deposits going to the Coinbases and Galaxies and Krakens of the world,” Zhao noted. The NYDIG head predicts that giant banking institutions could soon face pressure to offer bitcoin to more clients as smaller banks roll out their own crypto services.

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