Apple positioned to offer cryptocurrencies, Tesla buys bitcoins

The report came the same day that top cryptocurrency bitcoin strode closer to mainstream acceptance after billionaire Elon Musk's electric vehicle company, Tesla Inc, revealed it had bought US$1.5 billion of bitcoin and would soon accept it as a form of payment for cars - sending the cryptocurrency shooting higher.

NEW YORK: Apple Inc has a "clear opportunity" to offer a buying and selling mechanism for cryptocurrencies, a move that would allow the company to immediately gain market share, according to a research report on Monday from RBC Capital Markets.

With its access to world-class software and a secure ecosystem, Apple could tackle the problem individuals face acquiring crypto assets due to know-your-customer laws and other regulations with the company offering a closed system that prevents nefarious activity, improves asset security, and has instant access to buyers and sellers, the report said.