April 18, 2023

Apple Challenges DeFi with High Yield Savings

Apple Challenges Defi with High-Yield Savings

We've seen the digital asset revolution take over the world in recent years, and now it looks like one of the biggest tech giants is about to join in on the fun. Apple recently announced a foray into the Defi space, introducing high-yield savings accounts to its Apple Card app.

The new feature is designed to help users earn better returns on their investments than traditional savings accounts and other deposits. By putting money in an Apple Card account, users can earn up to 8% interest on their deposited funds.

Apple's move into Defi was quickly met with mixed reactions. On one hand, larger firms are often seen as driving forces for innovation; however, some worry that Apple's entry may lead to further centralization of certain elements of DeFi.

"It's exciting news that a major tech giant is entering the world of DeFi, but it also raises some questions," said Lina Seiche, CEO of decentralized banking platform Curvature. "On one hand, it could be great for more people getting access to DeFi and potentially boosting its development and growth. On the other hand, large corporations could introduce more centralization into this space."

It remains to be seen how Apple's new feature will affect both retail users and institutional investors. But one thing is certain: this move has put DeFi back into focus after months of relative quiet.

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