Is Apple Planning A Crypto Foray? Job Posting Sets Off Rumors

A job posting by Apple, Inc. AAPL has given rise to speculation that the company could be interested in cryptocurrencies.

What Happened: The tech giant posted on its website details regarding the opening for the position of senior legal counsel, Apple Pay & Wallet. The company sought over seven years of legal experience in advising on "digital identity, blockchain and digital assets, mobile wallets and payment platforms, and other related technology."

The job description suggests the company is looking for someone who can support and advise Apple's product business development and engineering teams on matters related to Apple Pay and Wallet. The position is based in New York.

A year back, Apple had called for personnel with over five years of experience in or with "alternative payment providers such as digital wallets, buy-now-pay-later, fast payments, cryptocurrency, etc."

Related Link: China's COVID-19 Shutdown Is Beginning to Bite Apple, Says Analyst

Why It Matters: Such a move could be a natural progression for the tech giant, which recently announced a new Apple Pay feature that would allow merchants in the U.S. to use their iPhones to accept payments by merely by tapping their iPhones.

This "Tap to Pay" feature could be potentially used to transact cryptocurrencies such as Bitcoin BTC/USD and Ethereum ETH/USD, via Coinbase Inc. COIN Card or Crypto.com Visa card among other options, Cointelegraph had reported earlier.

It was reported in late March that Apple is developing technology and infrastructure to bring financial services in-house and not have to rely on external partners.

Price Action: In the premarket session on Wednesday, Apple shares traded 0.41% higher at $168.34.

Related Link: Why This Analyst Is Recommending Owning Apple Shares Ahead Of March Quarter Results