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Global software giant Apple Inc. is recruiting for a new business development manager specializing in alternative payments, signaling that the iPhone maker was gravitating towards digital assets.
The new job post for “Business Development Manager – Alternative Payments” was posted to Apple’s careers website on Tuesday. The new hire will be responsible for leading alternative payment partnerships and defining new commercialization streams.
Apple is seeking a business professional with more than ten years of experience, including a five-year track record “with alternative payment providers, such as digital wallets, BNPL, Fast Payments, cryptocurrency,” and others.
While the job posting is compelling, Apple remains largely on the sidelines of the cryptocurrency industry and has yet to signal definitive plans for expanding into this market. Interestingly, cryptocurrency exchange Coinbase recently overtook TikTok at the most downloaded app on the Apple Store.
Speculation about Apple entering the digital currency space has been rampant in recent months, as investors watched Tesla add billions of dollars worth of Bitcoin (BTC) to its strategic reserves. Beyond just adding BTC to its balance sheet, Apple could be in a position to permanently disrupt the nascent industry by entering the crypto exchange business, according to Paul Steves, an analyst with Royal Bank of Canada Dominion Securities.
“If [Apple] decides to enter into the crypto exchange business, we think the firm could immediately gain market share and disrupt the industry,” Steves said in February. “The firm could unlock a multi-billion dollar opportunity with a few clicks.”
With a market capitalization of $2.1 trillion, Apple remains the largest company traded in the United States. The company had $192.8 billion in cash on hand during its most recent earnings quarter, down from $207.06 billion during the previous quarter.