Join NexChange - the professional
network for the financial services
industry - and receive a free one-
year subscription to Forbes
Apple Card – Trailblazer Or Just Another Brick In The Wall?
Recent rumblings about the Apple Card and its inability to fund online gambling and crypto transactions seem to put the brand in a funky spot. Not only does the move not match Apple’s identity as an innovator, but also actively works against the unorthodox model it was built on.
Bryce Daifuku, CEO and founder of crypto gambling platform MintDice, has a unique take on the matter, his thoughts are included below.
“Legacy players want to be seen – on the surface level – as progressive and open to cryptocurrencies and blockchain technology, while also appeasing those (including legislators) that are apprehensive to the much criticised sectors. When you add the gambling layer, it proves to be more consistent with the hesitancy we’ve seen from other payment processors. While standard for now, it’s disappointing that Apple – which is particularly revered for its ability to innovate and up-level the tempo of an industry – has decided to fall in line with legacy tech instead of leading the charge in the same fashion it did with mobile and general social technologies.
Additionally, this kind of intervention in the free market is bad because it reduces economic efficiency which is one reason why we have a need for cryptocurrencies in the first place. Gambling aside, this is merely a reminder that the institutions we are built upon are either not willing to invest in new opportunities, or are too afraid of what it might become.”
This article was originally published in ValueWalk.