Google will release digital cards with cryptocurrency support. What could they be?
Google is looking for new opportunities to expand its cashless payments division. According to the latest information, the technology giant is now also interested in the field of cryptocurrencies to attract new customers. Google has recently entered into quite a few important partnerships with cryptocurrency companies and platforms that deal with digital assets in one way or another. In addition, Google is welcoming an important addition to its staff in the form of former PayPal executive Arnold Goldberg. We tell you more about what’s happening.
Google and cryptocurrencies
Bill Redi, Google’s head of commerce, shared details of the company’s new strategies in a recent interview. Here’s the expert’s rejoinder, in which he outlined the situation.
Cryptocurrencies are something we are paying a lot of attention to. We are evolving with the growth in demand from users and businesses.
In other words, the representative of the company made it clear that the technology giant treats digital assets positively, because after all, quite a few people use them, which includes customers of Google devices and services.
Bill Redi, Google’s head of commerce
According to the Bitcoin Magazine news publication, Google has also partnered with the largest American cryptocurrency exchange Coinbase and cryptocurrency payment processor BitPay the day before. All this was done to integrate new services for the tech giant’s customers. Redi noted that Google is still looking for new partners, although the company is not yet accepting Bitcoin directly.
Read also: Google Play shop has more than 120 apps to scam crypto investors. How many of them has the company removed?
For now, instead of direct cryptotransactions, Google will look into issuing its own digital cards, which will support both digital assets and conventional currencies like the US dollar. Using such a card is not yet considered official Bitcoin support, but it will already allow the average Google user to spend their crypto for a product or service.
Unfortunately, Redi has not shared any information about the cards themselves. We can assume that once they are officially announced, Google’s digital cards will be accepted on a par with regular bank cards from Visa or Mastercard. Overall, this will play into the hands of the crypto industry, as the tech giant reaches hundreds of millions of users around the world who are still not familiar in all the details with Bitcoin and altcoins.
But partnerships and cards aren’t everything. Arnold Goldberg, a former member of the management team at major payments platform PayPal, has now joined the Google staff. He will head up Google’s payments department and, in particular, will focus on integrating digital assets into the company’s operating model.
It’s worth noting that the crypto market itself had little or no reaction to the news – at least positively. Tonight, the BTC exchange rate collapsed to a new local bottom at $38,220. As you can see, the partnership information and rumors never brought investors out of their panic after BTC continued to fall earlier this year.
Bitcoin 15-minute chart
According to Redi, Google has “no plans to become a bank yet” when it comes to Google Pay’s development strategy. Last year, Google announced Plex, which would allow users to quickly create savings accounts. Anyway, this service was not going to integrate crypto, and plans for its further development were curtailed altogether, citing low demand among customers.
We believe that Google's connection to digital assets will be a bright spot for the coin industry, as the company is known around the world. Accordingly, its interaction with crypto will add reputation points for those who still view coins as something illegal and wrong.
Particularly pleasing is that the company does not go along with blockchain, crypto and NFT haters, which are more than enough on Twitter today. They, remember, oppose coins because of excessive electricity consumption and allegedly irreparable harm to the environment.
What do you think about this? Share your opinion in our Millionaire Cryptochat. There, we’ll talk about other topics related to the world of blockchain, decentralisation and digital crypto-assets.
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