- As per the report, Google will be offering Bitcoin custody services to Google Cards users.
- Google has also formed a dedicated Blockchain Group to undertake key projects in this rapidly emerging market.
Tech giant Google is all set to expand its footprint in the FinTech and the crypto space. On Wednesday, January 19, Google hired former PayPal executive Arnold Goldberg who will be responsible for running Google’s payment division.
The recent decision comes as the company seeks to expand its financial services including cryptocurrencies. Crypto could provide a new opportunity for Google to expand its market share in this highly competitive finTech market. As per the Bloomberg report, Google is also considering adding Bitcoin custodial capabilities to Google Cards.
Bill Ready, Google’s president of commerce told the publication: “Crypto is something we pay a lot of attention to. As user demand and merchant demand evolves, we’ll evolve with it”.
Google’s crypto integration will allow customers to hold Bitcoin in their digital cards while spending fiat currency. Although this is not entirely a peer-to-peer setup it will still allow users to spend their BTC holdings via Google cards. Google said that is focusing more on being a “comprehensive digital wallet”. However, Google is not willing to compete with banks. Speaking to Bloomberg, Ready said:
We’re not a bank — we have no intention of being a bank. Some past efforts, at times, would unwittingly wade into those spaces.
As per the report, Google has also entered a new partnership with crypto exchange Coinbase and payment processor BitPay. Ready further added that Google is looking for new partnership opportunities.
Google forms a new Blockchain Group
Under its newly appointed executive Shivakumar Venkataraman, Google is forming a new group dedicated to blockchain and other related technologies. Venkataraman, who is currently the engineering vice president for Alphabet Inc.’s Google will now oversee a unit focused on “blockchain and other next-gen distributed computing and data storage technologies”.
Although Google has been offering cloud services to blockchain-related projects, it has yet to work on indigenous blockchain projects. Venkataraman will be heading a business division under which Google will undertake several, blockchain, virtual, and augmented reality efforts, according to an email to Bloomberg.
Over the last year, Google has been working with other players in the crypto ecosystem. In April 2021, Google Pay partnered with crypto exchange Gemini. The partnership allowed Gemini users to purchase crypto using fiat currency.
Later in October last year, Google entered a partnership with Bakkt digital assets allowing the exchange’s customers to purchase goods and services via some select cryptocurrencies through their GPay wallet.
Related: Google disrupts Glupteba botnet which was using the Bitcoin blockchain to infect victims
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