Bloomberg reports, Google has formed partnerships with Coinbase is an American company that operates a cryptocurrency exchange platform. y BitPay bitPay is a Bitcoin payment service provider. to enable the new crypto functionality on digital digital technologies are these electronic tools that have the ability to generate, store or even process data. cards.
Google seems to be slowly entering the world of cryptocurrencies, or at least that’s what is clear from a report by Bloomberg, reproduced in turn by other means.
According to the information, Google has partnered with companies, including Coinbase Global Inc. y BitPay Inc., to store cryptoassets on digital cards while users continue to pay in traditional currencies. The president of commerce of Google, Bill Ready, told Bloomberg que Google is looking to make more of this partnership, although the company does not yet accept cryptocurrencies for transactions.
“Cryptocurrencies are something we pay a lot of attention to.” , dijo Ready a Bloomberg. “As user demand and merchant demand evolves, we will evolve with it.”
Cryptocurrency integrations in Google allow your customers to have BTC en sus tarjetas digitales while spending fiat fiat currency is “legal tender” backed by a central government, such as the Federal Reserve, and with its own banking system, such as fractional reserve banking. It can take the form of physical cash, or it can be represented electronically, such as with bank credit. currency, an arrangement that does not use the peer-to-peer asset as the medium of exchange, but allows users to spend their stock of 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. , something that would probably not be in the best interest of the investors in the BTC.
“We are not a bank”
The news comes after the company hired the former executive of PayPal, Arnold Goldberg to run its payments division and set a new direction for the business after it ruled out a push into banking. According to Ready, Google wants to become a “connective tissue” for the entire consumer finance industry.
“We are not a bank, we have no intention of being a bank.” dijo Ready to Bloomberg. “Some past efforts would, at times, inadvertently fall into those spaces.”
It is worth noting that the company, known for the system Google Pay and the mobile wallet, has largely avoided the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. industry.
These new changes follow a major turnaround in October, remember Bloomberg. Google had spent years planning a digital savings and checking account an account is essentially a whose purpose is to track the financial activities of a specific asset/ service, lining up 11 banking partners for the launch. But that month, the company rejected the proposed offering, called Plex . On the other hand, Google wants to become the connective tissue for the entire consumer finance industry, not just certain partners. according to Ready.
Ready, former COO of PayPal, joined Google in 2019 and began overseeing its payments division last year after the departure of an executive. It recruited Goldberg, who was running the commercial business of PayPal, to become vice president and general manager of the payments and emerging markets efforts, an initiative that Google llama Next Billion Users, o NBU.
App for paid Google
Google introduced its payment app in 2015 and revamped it in late 2020 as a hub for consumers to track spending and search for discounts. At the time, the company shared that the app had 150 million monthly active users worldwide. But la billetera de Google faces stiff competition , dice Bloomberg even on devices running your operating systemAndroid. Samsung Electronics Co. the largest seller of smartphones, has its own payment system.
Tom Noyes, an industry analyst, estimated in 2020 that Google accounted for 4% of contactless payments in the U.S. and called the service “largely a failure.”
As part of the review, Google will focus more on be a “one-stop digital wallet” that includes digital tickets, airline passes and passports for vaccinations, Ready said.
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