Apple is set to make a bigger splash in the crypto sphere than it did Tesla earlier this year when EV manufacturers approved Bitcoin (BTC) as an acceptable means of payment for its cars.
According to a job tariff posted by Apple a few hours ago, the Cupertino giant is looking to hire a business development director to pay for alternatives: “The Apple Wallets, Payments, and Commerce (WPC) team is seeking an experienced Business Development Manager to lead Alternative Payments Partnerships. We are looking for a proven professional in global alternative and emerging payment solutions. We need your help forming partnership framework and commercial models, defining implementation paradigms, identifying key players and managing relationships with strategic alternative payment partners. This position will be responsible for the end-to-end business development, including screening partners, negotiating and closing commercial agreements and launching new programs.”
Although the details are lacking at the moment, the job vacancy in question applies to the fact that Apple may seek a share in the crypto sphere. Of course, in the wake of the dramatic rise of cryptocurrencies this year, Apple Pay – an Apple-sponsored mobile payment and digital wallet service provided by iPhone makers – has made sense of tapping this growing financial trend by making cryptocurrencies meaningful.
Of course, as mentioned earlier, Apple is not the first Fortune 500 company to make a big splash in this first case. In early 2021, Tesla started a broad-based rally in cryptocurrency, when it began to accept Bitcoin as money for its EVs. However, Elon Musk’s love affair with Bitcoin ended abruptly earlier in May when he announced a suspension of this facility while citing the soaring energy consumption of the Bitcoin network and the associated adverse impact on the environment as the raison d’être.
Combined with China’s recent ban on bitcoin mining, these back-to-back adverse developments hit the crypto sphere, with Bitcoin recently registering losses of more than 50 percent compared to the all-time high. Nevertheless, the situation now seems to be mostly stable. Against this background, this latest move by Apple could probably go a long way in reviving the so-called animal spirits in cryptocurrencies.
