A succession of events has eventually driven Alphabet Inc.’s Google to employ veteran PayPal CEO Arnold Goldberg to head its payment operations, develop a blockchain technologies department, and strategize and implement Google Pay’s cryptocurrency move. The corporation may be planning to add cryptocurrencies such as Bitcoin and Ethereum to its Google Pay platform. The speculations gained momentum after Bill Ready, Google’s VP of commerce, stated,
“The move is part of a broader strategy to team up with a wider range of financial services, including cryptocurrencies.”
According to Bloomberg, this move might be the new path Google intends to take after abandoning the Google Plex project earlier this year in October 2021. The business was designed to establish a digital banking and savings solution using Google Plex. Google finally chose to abandon the project after more than a year of work and the addition of 11 financial partners. With recent events, it appears that the corporation is opting to move in the path of cryptocurrencies instead.
Google Pay’s Cryptocurrency Move
It all started when Google recruited Goldberg to manage the Google Pay system, which was announced on January 19. The next day, Google announced the formation of a dedicated blockchain technology division led by Shivakumar Venkataraman, Google’s engineering vice president.
According to an internal email, Venkataraman would become Labs’s “founding leader”. Google Labs is a division that handles virtual and augmented reality projects. All of these advancements are expected to pave the way for cryptocurrencies such as Bitcoin and Ethereum to be accepted by Google Pay.
Google Pay’s crypto move might be important. So far, individuals outside of India have traded and acquired cryptocurrencies using programmes like PayPal and Coinbase. However, this step will offer native cryptocurrency functionality in Android devices, which will make managing crypto funds easier and provide consumers with much-needed infrastructural stability. This decision may put an end to the numerous cryptocurrency frauds that have surfaced in recent years.
The Bottom line
While it is unclear if Google Pay would allow cryptocurrency support on its platform or establish a sister app to accommodate it, the company’s interest in crypto and blockchain cannot be disputed. With the rumoured arrival of the IT behemoth into the Ethereum & Bitcoin markets, things are looking up for an exciting future.