Google Pay partners with cryptocurrency exchanges to accept their digital cards
Another day, another massive company enters the cryptocurrency space. Google is making moves to raise the profile of its Google Pay service, and of course crypto is in the mix. The company hired Arnold Goldberg, a former PayPal senior vice president, “to lead its payments division.” The story was broken by Bloomberg.
“The move is part of a broader strategy to partner with a broader range of financial services, including cryptocurrencies,” said Bill Ready, Google’s president of commerce. The company, known for the Google Pay system and mobile wallet, has largely avoided the cryptocurrency industry.”
Until now, that is. The company is cautiously entering the cryptocurrency space and NewsBTC is here to tell you what you need to know about it.
The many failures of Google
The financial division of the company has not been the most successful. Its Google Pay service lags far behind its competitors and faces a crowded space with many players trying to get ahead. Alphabet Inc. recently partnered with 11 banks for an initiative called Plex and called it all off at the last second. “We are not a bank, we have no intention of being a bank,” the company’s president of trading, Bill Ready, said in a recent interview.
On the other hand, the company has a lot going for it:
“Google has a huge consumer reach and a huge balance sheet. The tech giant doesn’t charge fees for transactions with its mobile wallet, and Ready said there are no plans to change that.”
What will the company’s crypto game consist of?
Let’s be clear about that, the tech giant is just testing the waters. They haven’t announced anything crazy, nor are they developing technology themselves. Still, it’s a huge improvement over their “largely avoid the crypto industry” policy. What are they doing, exactly?
“Google has partnered with companies including Coinbase Global Inc. and BitPay Inc. to store crypto assets on digital cards, while users continue to pay in traditional currencies. Ready said that Google is looking to do more of this partnership, although the company does not yet accept cryptocurrencies for transactions.”
Since that’s a bit vague, Yahoo! Finance expands on the matter:
“Late last year, crypto platform Bakkt said that its virtual Visa debit card would be available for use in Google Pay online and in stores. Bakkt’s Google Pay support follows in the footsteps of Coinbase, which rolled out support for Apple Pay and Google Pay for its Coinbase cards earlier this year. Google is also working with Bitpay and Gemini to support their crypto cards, which means people who use these cards can add them to Google Pay.”
To further emphasize the lightness of the company’s crypto game, Bill Ready told Bloomberg:
“Cryptocurrencies are something we pay a lot of attention to. As user demand and merchant demand evolve, we will evolve with it.”
How did the market react to Google’s announcement?
As soon as the article was published and the news began to spread across the internet, the prices of Bitcoin and Ethereum skyrocketed for a while. Then, when people read exactly what Google announced, the excitement faded. The two major cryptocurrencies have been trading horizontally, trending slightly down for a while. And this announcement was not strong enough to change that.
However, perhaps it should have been.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.