Google Pay Partners With Cryptocurrency Exchanges To Accept Their Digital Cards
19 Enero 2022 - 02:36PM
NEWSBTC
Another day, another massive company entering the cryptocurrency
space. Google is making moves to boost up the profile of their
Google Pay service, and, of course, crypto is in the mix. The
company hired Arnold Goldberg, ex-Senior Vice President at PayPal,
“to run its payments division.” That’s according to Bloomberg, who
broke the story. “The move is part of a broader strategy to
team up with a wider range of financial services, including
cryptocurrencies, said Bill Ready, Google’s president of commerce.
The business, known for the Google Pay system and mobile wallet,
has largely avoided the crypto industry.” Related Reading | Bitcoin
Still Overtook Trump, VISA, PayPal, and Libra on Google Search in
2019 Until now, that is. The company is cautiously entering the
cryptocurrency space and NewsBTC is here to tell you what we know
about it. Google’s Many Failures The company’s financial
division hasn’t been the most successful. Their Google Pay service
is far behind its competitors, and facing a crowded space with many
players trying to get ahead. Recently, Alphabet Inc. partnered with
11 banks for an initiative called Plex, and canceled everything at
the last second. “We’re not a bank — we have no intention of being
a bank,” said the company’s president of commerce Bill Ready in a
recent interview. On the other hand, the company has a lot going
for it: “Google does have enormous consumer reach and a huge
balance sheet. The technology giant takes no fees on transactions
with its mobile wallet, and Ready said there are no plans to change
that.” Alphabet Inc. price chart on Nasdaq | Source:
TradingView.com What Will The Company’s Crypto Play Consist Of?
Let’s be clear about this, the technology giant is only testing the
waters. They haven’t announced anything crazy, nor are they
developing technology themselves. Still, it’s a great improvement
from their “largely avoided 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 in digital cards, while still having users pay in
traditional currencies. Ready said Google is looking to do more of
these partnership, though the company still isn’t accepting crypto
for transactions.” Since that’s a little vague, Yahoo! Finance
elaborates on the matter: “Late last year crypto platform Bakkt
said its virtual Visa debit card would be available for use on
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, meaning that people who use these cards can add them to
Google Pay.” To further emphasize the lightness of the company’s
crypto play, Bill Ready told Bloomberg: “Crypto is something we pay
a lot of attention to. As user demand and merchant demand evolves,
we’ll evolve with it.” How Did The Market React To Google ‘s
Announcement? As soon as the article went live and the news started
spreading through the Internet, both Bitcoin and Ethereum’s prices
spiked for a little while. Then, as people read exactly what Google
announced, the excitement wore off. The two leading
cryptocurrencies have been trading horizontally, lightly trending
downwards for a while. And this announcement wasn’t strong enough
to change that. Related Reading | Coinbase Adds Option To Buy
Crypto With Apple Pay, Google Pay To Follow Maybe it should’ve
been, though. Featured Image by PhotoMIX-Company on Pixabay |
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