The Apple Card, issued by Goldman Sachs, will not allow purchase of cryptocurrencies
August 2, 2019, 7:36PM EDT
1 min read
The Apple Card is the most highly anticipated credit card in recent memory, an exclusive collaboration between the tech giant Apple and the financial services company Goldman Sachs. Ahead of the card's expected August launch, Goldman Sachs has posted the Apple Card customer agreement on its site.
In a move that is certain to raise eyebrows, Apple and Goldman Sachs have categorized cryptocurrency in the "Cash Advance and Cash Equivalents” category. According to the firms, this category encompasses "any cash advance and other cash-like transaction, including purchases of cash equivalents such as travelers checks, foreign currency, or cryptocurrency; money orders; peer to peer transfers, wire transfers or similar cash-like transactions."
Apple has a somewhat contentious relationship with cryptocurrency, having banned mining apps from the App Store in early 2018. Meanwhile, Goldman Sachs has come around on cryptocurrency recently after multiple false starts, with CEO David Solomon stating at the end of June: “Assume that all major financial institutions around the world are looking at the potential of tokenization, stablecoin and frictionless payments.”
As Apple looks to expand beyond hardware revenue into services and as Goldman looks to move beyond its investment banking roots into consumer products such as Marcus and Apple Card, expect that the duo will push the limits on consumer value and rewards.
But for now, the Apple Card benefits will not include the ability to purchase cryptocurrencies.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.