National Post (National Edition)

APPLE SHOULD BUILD CRYPTO EXCHANGE, SAYS RBC ANALYST

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Apple Inc. should follow in Tesla Inc.'s footsteps, but by getting into cryptocurr­encies, not electric vehicles, according to RBC Capital Markets. The iPhone maker could create a sizable new market if it were to develop its Apple Wallet into a crypto exchange, said analyst Mitch Steves. “The wallet initiative appears to be a clear multibilli­on-dollar opportunit­y for the firm (potential for well over US$40 billion in annual revenue with limited R&D),” Steves wrote in a note to clients. Companies like Square Inc. and PayPal Holdings Inc., along with closely held exchanges like Coinbase, have all validated the exchange model as a real business, he said. In addition, Apple's ecosystem would offer improved security relative to the companies that would be its competitor­s.

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