Apple’s Interest in Crypto Growing: iPhones Might Evolve into Crypto Wallets

Apple’s Interest in Crypto Growing: iPhones Might Evolve into Crypto Wallets
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The crypto space sees rapid advancement in 2019, not only when it comes to Bitcoin trading or price, but also in regards to the expansion to other industries. Some of the major players have already shown interest in digital currencies, including Microsoft, Facebook, Amazon, and many others.

In addition, there is no lack of rumors and speculation as to which firm might be next to ‘go crypto.’ and the newest one appears to be Apple. According to some reports, Apple might soon allow its customers to start using their iPhones as Bitcoin wallets, which may even include some of the altcoins. If true, coin holders might be able to even purchase goods and services with their crypto directly.

Apple’s CryptoKit might turn iPhones into wallets

Last week’s WWDC (Worldwide Developers Conference) saw a number of different announcements, many of which gained quite a lot of attention. Apple itself announced a new CryptoKit for iOS 13, but interestingly enough — the announcement did not see much hype. Its implications, however, likely deserve attention, as the toolkit will allow developers to create hashes for digital signatures, as well as public and private keys. In other words, the devices will become containers for cryptos, which can be stored and used alike.

The company has yet to confirm or deny whether the plan is to allow iPhones to act as wallets, but it would not be surprising if this is their intention, as Samsung and HTC recently announced something similar. Further, a study conducted by Juniper Research uncovered that the number of people who use digital wallets for various coins is growing, and is likely to reach half the world’s population by 2024.

With so many people choosing to buy Bitcoin and various altcoins, wallet transaction values are likely to exceed $9 trillion per year. As such, it would be rather profitable for Apple if its iPhone became a wallet. Of course, the CryptoKit currently lacks a lot of cryptography algorithms that are necessary for Bitcoin trading. But, the interface still allows easy integration of additional algorithms in the future, should the company decide that they are needed.

Apple remains quiet regarding the future of its products

For now, Apple says that CryptoKit will allow app developers a new framework that they can use for creating secure hashes for message authentication and alike. Many have already assumed that the move is rather close to turning the iPhone into a hardware Bitcoin wallet, including Trust Wallet’s Biktor Radchenko, and ReadWrite Lab’s Kyle Ellicott.

It would also make sense, as a lot of Apple’s partners, such as While Foods Market and Starbucks, already announced plans to start accepting crypto payments. With cryptos becoming increasingly popular, it is likely that Apple will join in sooner or later. Of course, there are still issues that need addressing, such as hardware security and alike. Users need to know that it is safe to use digital currencies, and Apple might be the right firm to deliver that.

Of course, Apple has always been quiet when it comes to the future of their products, so their silence is also to be expected. But, with many other major firms joining the crypto community, it is unlikely that Apple would risk being left behind. So far though, the smartphone giant does not seem to be making efforts in the direction of online trading in itself despite the growth auto trading industry with robots such as Bitcoin Code and Bitcoin Rush.

About Ali Raza

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A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.