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The recent hiring of Paypal’s former executive and partnership with some crypto firms can be seen as movements of Google
- Keeping distance from crypto in the past, now Google seems to start paying attention to it
- It indicates that rather than just a payment service, it desired to transform itself as a digital wallet
- The valuation of a company is currently standing at an insane $1.80 billion, according to 2021 data
Company’s new decisions to ensure push to its financial services
Google had captured a good position as an intermediary service provider for payments. Recent reports confirmed that the search engine giant had employed a former payment executive in Paypal, Arnold Goldberg. Bill Ready, president of Google’s commerce department, has stated that hiring Arnold is a part of the company’s plan. Following which it can provide full-fledged financial services. This will be a push to the existing plan of the company’s finance operations.
However, Bill also clarified that Google Pay has no intentions to be a bank. They want to become and act as a medium to connect users in the finance industry. The tech giant has also kept its eye on crypto and imposed some actions for this concern. The company remained uninterested in crypto for very long, but it’s moving forward and getting its growing influence. It’s paying attention to it considering the demands of users.
Google’s partnership with Coinbase, Bitpay and Gemini like cryptocurrency firms puts a much needed support for crypto. It’s a strong message to those who are saying that the crypto market is over. Regarding this partnership, well known crypto influencer and President of BNO news Michael van Poppel also informed on Twitter and did sarcasm on opponents of the market.
Google Moving towards the crypto Afterall with consent
Still, Google has not stepped into the crypto world directly; instead, it entered through the back door. The commerce president revealed that the company had partnered with the crypto firm Coinbase. Another crypto platform Bakkt also said that its virtual debit card could be used on Google Play.
Bitpay and Gemini are also working with the company such that cards available on Google pay will now store digital assets. In that way, Google pay cards will also offer cryptocurrencies like Bitcoin, Ethereum etc. Although the platform still won’t support any crypto transaction, it will only be stored in cards that can be redeemed via paying in fiat currencies.
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Big players bring change to the game
Tech Giants like Google are now joining the crypto trend after evidently avoiding it in the past. Still, they are taking measured steps not to seem to have complete involvement but also to take some decisions and partnerships regarding crypto so it won’t be considered to be left out in the game.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
