Another day, a huge company entering the cryptocurrency area. Google is taking steps to increase the profile of their Google Pay service, իհարկե of course, cryptography is mixed. The company has hired Arnold Goldberg, a former senior vice president at PayPal, to “run its payroll.” it is according to Bloomberg, who broke the story?
“This move is part of a broader strategy to integrate with a wider range of financial services, including cryptocurrencies,” said Bill Reddie, Google’s Commercial Chairman. The business known for its Google Pay և mobile wallet has largely avoided the crypto industry. ”
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Until now, that is. The company is carefully entering the cryptocurrency area, և NewsBTC is here to tell you what you need to know about it.
Many Google failures
The financial department of the company was not the most successful. Their Google Pay service is far behind its competitors հետ stands in a crowded area where many players are trying to get ahead. Alphabet Inc. recently partnered with 11 banks for an initiative called Plex, but canceled everything at the last minute. “We are not a bank, we do not intend to be a bank,” said Bill Reddie, the company’s president of commerce, in a recent interview.
On the other hand, the company has a lot for that.
“Google has a huge consumer reach, a huge balance sheet. “The tech giant does not charge for mobile transactions,” said Redin, adding that “there are no plans to change that.”
Alphabet Inc. price chart on Nasdaq | Source: TradingView.com
What does the company Crypto Play consist of?
Let’s be clear on this issue, the technology giant only tests water. They have not announced anything crazy, nor are they developing technology. However, this is a big improvement over their “mostly cryptocurrency” policy. What are they doing, specifically?
“Google has partnered with companies including Coinbase Global Inc. and BitPay Inc. to store crypto assets on digital cards while users pay in traditional currencies. Ready said that Google wants to do more than that, and that the company does not yet accept cryptocurrencies.
Because it’s a little vague, Yahoo! Financial details: on the issue.
“Late last year, the Bakkt crypto platform announced that its virtual Visa debit card would be available for use in Google Pay առցանց online stores. Bakkt’s Google Pay support follows the example of Coinbase, which earlier this year provided Apple Pay և Google Pay support for its Coinbase cards. “Google is also working with Bitpay և Gemini to support their crypto cards, which means that people who use those cards can add them to Google Pay.”
To further highlight the lightness of the company’s crypto game, Bill Reddin told Bloomberg:
“Crypto is something we pay a lot of attention to. “As user demand և merchant demand grows, so will we.”
How did the market react to Google’s announcement?
As soon as the article went live, the news started spreading on the Internet, the prices of Bitcoin and Ethereum went up a bit. Then, when people read exactly what Google said, the excitement passed. The two leading cryptocurrencies are trading horizontally, falling slightly for a while. And this statement was not strong enough to change that.
Related reading | Coinbase adds option to buy Crypto with Apple Pay to track Google Pay
Maybe it should be, but.
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