Cointime

Download App
iOS & Android

Apple’s Latest Move Could Challenge DeFi; Launches High-Yield Savings Account

On Monday, Apple introduced its Apple Card savings account, which offers customers an annual percentage rate of 4.15%. Apple has stated that there is no requirement for a minimum deposit or balance, and customers can set up an account directly by using the Wallet software pre-installed on their iPhones. Now, whether this poses a threat to DeFi’s high-yield protocol, let’s find out.

Apple has released this new savings alternative to the public in collaboration with Goldman Sachs. The 154-year-0ld financial institution is theoretically in charge of managing savings accounts, and therefore all balances are covered by the Federal Deposit Insurance Corporation (FDIC).

Customers who use their Apple Cards can take advantage of this newly launched high-yield savings account. Apart from that, when Apple Card users pay for their purchases, they are eligible for certain cashback on those transactions. Users earn 1% cash back on every transaction, and 2% cash back on every purchase made with Apple Pay by default. However, obtaining 3% back in rewards requires making purchases with certain retailers.

(By Pratik Bhuyan)

Comments

All Comments

Recommended for you

  • Terra founder Do Kwon to be extradited to U.S.

    Terra founder Do Kwon will be extradited to the United States.
  • Governance is dead, long live TOKENS

    A popular trend kicked off by the Compound Protocol in the Spring of 2020 was governance tokens for DeFi protocols. The dream of governance tokens was a beautiful ideal. Simply by using a protocol, you would automatically and freely receive ownership of it. Decision making around the protocol would be decentralized allowing thousands and ultimately millions to have their say and vote on changes to the protocol.
  • Cointime February 3 News Express

    1. Ripple payment service "Ripple Payments" plans to return to the US market and launch targeted solutions
  • POINTS² : web3’s attempt to lure LPs

    POINTS² : web3’s attempt to lure LPs by gamifying protocol airdrops with referrals and ‘play to earn’ logic How DeFi becomes a playground for point hunters who seek to amplify their protocol airdrops by signing up their friends and family to earn ‘points squared’. DeFi represents a transformative shift moving away from Banks as we know them toward a less centralized model: peer-to-peer finance — where everyone can participate at any time.
  • Cointime January 14 News Express

    1.Digital asset protocol Metaplex will list its Solana inscription on January 162.Investment bank TD Cowen: The U.S. SEC will not approve an Ethereum spot ETF in the short term3.Binance, Kraken and other nine trading platforms have been removed from Google App Store in India4.Barclays economists advance forecast for Fed rate cut to start from June to March5.The Chairman of the U.S. SEC issued a statement on the theft of the SEC's official Twitter account: The impact is still being evaluated and the company is cooperating with law enforcement agencies for
  • Cointime January 7th News Express

    1.Ordinals’ cumulative fee income exceeds 5,400 BTC
  • Cointime December 31st News Express

    1.Linea mainnet has crossed 305,685 ETH
  • Skip Incident Report: Sim Swap — December 17 2023

    This is a report on the “sim-swapping” attack Skip suffered on December 17th, the immediate steps the team took to mitigate it, and the longer-term changes the team is making to improve its security posture structurally.
  • Looking ahead: What will the DeFi evolution look like in 2024?

    The primary missing piece in DeFi is what it’s sought to avoid: regulation. But over the past 12 months, the UK and EU have made several significant steps towards creating an innovative and enduring digital economy by building out the digital assets regulatory regime.
  • Token Bonds & Protocol Owned Liquidity — a sustainable growth model for productive Treasuries.

    How token bonding mechanisms and Protocol Owned Liquidity (POL) can help any project bootstrap a diversified and healthy Treasury and grow it in a sustainable and predictable manner.