- The cryptocurrency market has experienced unprecedented growth, elevating most cryptocurrencies to its highest values in 2020.
- Google has taken the lead to cater to this growing demand by collaborating with crypto firms to offer Google Pay as a mode of digital purchase.
Over the last five months, the cryptocurrency market has experienced unprecedented growth, elevating most cryptocurrencies to their highest values in 2020. In fact, a Data Bridge Market Research report reveals that the cryptocurrency banking market is expected to witness exponential growth at a 6.30% rate from 2020-2027.
Making the most of this cryptocurrency revolution, a number of digital wallets and online payment platforms have been ramping up their presence in the domain, providing a fillip to the mass adoption of cryptocurrency usage. Fostering partnership with multiple blockchain companies, the latest to join the digital money bandwagon is Google Pay.
Google Pay takes the crypto route
Retail purchase of cryptocurrencies among investors has witnessed a rapid growth in recent times, a trend which has created the need for trustworthy fiat on-ramps that make investment both safe and simple. With more and more blockchain companies looking to make their services and products secure and user-friendly, Google has taken the lead to cater to this growing demand by collaborating with crypto firms to offer Google Pay as a mode of digital purchase.
Crypto collaborations to boost blockchain
Keeping up with changing consumer demands, Google Pay’s collaborations with crypto firms too, have increased in recent times. For instance, Paxful-a peer-to-peer Bitcoin exchange platform-became the first crypto company to facilitate Google Pay transactions, allowing users to purchase Bitcoin from vendors using the facility. Moving on, Coinbase too, partnered with Google Pay back earlier this year to allow users of its crypto-enabled Visa debit card to make transactions through their digital wallet by adding their Coinbase Card to Google Pay.
NewsCrypto too, became the first platform to offer direct cryptocurrency purchases using Google Pay, which allows customers to buy the NewsCrypto Coin (NWC) directly using Google Pay, in addition to PayPal, Visa, etc. These tokens can be used to unlock more advanced trading tools or even better, staked to earn 30% APR.
Wider market participation by Google Pay only means a larger number of smartphone users can use cryptocurrencies more easily, thereby pushing the ecosystem toward mainstream adoption.