A Google director told Bloomberg that the company is considering allowing users to store cryptocurrencies on digital cards.
The tech giant Google a subsidiary of Alphabet has hired new staff to lead a broad financial services strategy that will include cryptocurrencies. This was announced in a report by Bloomberg published this Wednesday.
According to the report, Google hired the former executive of PayPal Arnold Goldberg, to head its payments division. Goldberg, who headed the merchant business of PayPal will now become vice president and general manager of the company’s payments and emerging markets efforts, an initiative that Google calls Next Billion Users (NBU).
An effort to break into crypto-space
The president of trade and payments of Google Bill Ready, Bill Ready, told Bloomberg that Goldberg’s hiring is part of a broader effort to expand its financial services. In this context, he revealed that the company has taken an interest in digital currencies.
Cryptocurrencies are something we pay a lot of attention to. As user demand and merchant demand evolves, we will evolve with it.
The report also advanced that, as part of the strategy, Google is considering allowing users to store cryptocurrencies on digital cards. . To do this, the company has been forming partnerships with companies in the crypto space.
Google joined the digital currency currency is a medium of exchange that defines value. exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Coinbase is an American company that operates a cryptocurrency exchange platform. and the cryptographic payment processor BitPay bitPay is a Bitcoin payment service provider. to store cryptocurrencies on their digital cards, he said. Bloomberg . The tech giant’s executive said his team is looking for additional partnership opportunities in the industry, though the company is not yet accepting Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. for transactions.
In October of last year the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. platform a place to buy, sell and store cryptocurrency Bakkt allied with Google to allow your card to Visa be made available to users of Google Pay . The movement followed in the footsteps of Coinbase which implemented support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. for its cards through Google Pay by mid-2021.
Is Google changing its stance on Bitcoin?
The publication suggests that Google which has historically shunned cryptocurrencies for its payment services, may be changing its view on the new asset class.
Google whose Internet search engine is the most popular, dominates the Web services market; however, compared to other tech moguls, the company has not yet made such extensive inroads into the financial sector. Google Pay remains far behind in comparison to payment services like Apple. Google has not launched its own credit card either, as it has done in the past. Apple ; although it offers benefits such as zero commissions on its mobile wallet a place where cryptocurrency users can store, send and receive digital assets. transactions.
The exact launch timeline for the new cryptocurrency-related functionality is unclear. If actually carried out, these developments could drive the adoption of assets such as Bitcoin among a larger number of users. On the other hand, the incursion into the space could also be beneficial to Google driving adoption of your wallet.
Ready said in this line that the company’s objective is to provide a “ comprehensive digital digital technologies are these electronic tools that have the ability to generate, store or even process data. portfolio a collection of cryptocurrencies or crypto assets held by an investment company, hedge fund, financial institution or individual. “ with much more than just financial services, and could include airline tickets and passports for vaccinations. The president also stressed that the intention of Google is not to become a bank.
We are not a bank, we have no intention of being one. Some previous efforts, at times, unintentionally got into those spaces.
In the meantime, and in a general analysis, the fact that the megacompany is considering cryptocurrencies already seems to be prominent enough. In a way, it means that digital assets have grown enough to not go unnoticed.
- PayPal confirms it is exploring the possibility of launching its own cryptocurrency: “PayPal Coin”.
- Apple rejects NFTs non-fungible token, a unique non-interchangeable piece of digital content that is stored on a distributed ledger (blockchain). as Google partners with digital collectibles company Dapper Labs
- Google lifts restrictions and allows exchanges and crypto companies to publish ads in the U.S.
Article versioned by Hannah Estefania Perez / DiarioBitcoin
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