Google has displayed a marked distance from the cryptocurrency sector until now. But that could change. The giant has confirmed that it wants to explore new areas of payments, including the storage of crypto assets. Here’s an update on what we know so far.
Is Google opening up to cryptocurrencies?
Google recently hired Arnold Goldberg, a former PayPal executive, to take charge of its division dedicated to payment methods. This is an area where the Google steamroller hasn’t really gained a foothold yet: the success of Google Pay has indeed been mixed. But the company plans to change that, by opening up to new services.
According to a report by Bloomberg, the company’s new strategy would include an exploration of cryptocurrencies, and crypto-currencies in particular. According to Bill Ready, the president of commerce at Google:
“Cryptos are something we’re watching with great attention. As user and merchant demands evolve, we will evolve with them.”
First initiatives at Google
Until now, Google’s initiatives in this direction were rather timid. There was indeed the integration of Coinbase Card on Google Pay, in 2020, followed by other integrations (including Bakkt’s crypto-cards, as well as BitPay’s). But nothing more had filtered out when it comes to crypto-assets.
For now, Google is still not planning to accept crypto-currency transactions directly, but the company is slowly getting closer to the sector. The giant confirms it sees some potential in crypto-currencies, and it also wants to expand the reach of its wallet. So storing cryptocurrencies on Google Pay could be a big step for the company.
The arrival of a former PayPal employee at Google is in any case not a coincidence. The payment service had enabled Bitcoin (BTC) and other cryptocurrencies in 2020, and the success had been considerable. So it makes sense that Google would want to explore this area.