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According to Bloomberg, Google, the technology powerhouse, is exploring the possibility of enabling its users to store cryptocurrency in their digital wallets. This will help further establish its position within the crypto world.
Apart from allowing users to store cryptocurrency on their electronic cards, the world’s leading search engine has also hired an ex-PayPal executive to help expand the reach of Google Pay, with plans for expansion into crypto.
Arnold Goldberg has been appointed to oversee Google Pay’s payments division as part of Google’s overall expansion into financial services, including cryptocurrency.
In case you forgot, Goldberg was previously the VP of Merchant Product and Technology at the payment processing company PayPal.
Google’s vice president for business 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.”
Google Pay announced a new partnership with the global crypto exchange Gemini in April 2021. The update enabled Gemini users to purchase Bitcoin using fiat currency on a debit or credit card via Google Pay.
In June, Google partnered with Coinbase to allow Coinbase customers to pay for goods and services through Google Pay using their Coinbase Card. Users could also get crypto rebates of up to 4% for their purchases.
In October, a collaboration between the crypto exchange Bakkt and Google allowed Bakkt customers to purchase goods and services using some select cryptocurrencies via their Google Pay wallet.
Google has been dabbling in the cryptocurrency market for quite some time, collaborating with several crypto companies in 2021. In addition, Ready stated that the company intends to seek partnerships with other crypto-related businesses.
By Abraham Aroloye