Google Pay partners with cryptocurrency exchanges to accept their digital cards

Another day, another major company entered the cryptocurrency space. Google is taking steps to boost the profile of their Google Pay service, and of course encryption is among them. The company hired former PayPal senior vice president Arnold Goldberg to “manage its payments division.”That is According to Bloomberg, who broke the story.

“This move is part of a broader strategy to partner with broader financial services, including cryptocurrencies,” said Google Commerce President Bill Ready. The business, best known for its Google payments system and mobile wallet, has largely eschewed the crypto industry. “

Related reading | Bitcoin still outpaces Trump, VISA, PayPal and Libra in Google searches in 2019

So far, that’s it. The company is entering the cryptocurrency space cautiously, and NewsBTC is here to tell you what you should know.

Google’s many failures

The company’s finance department wasn’t the most successful. Their Google Pay service lags far behind its competitors and faces a crowded space where many players are trying to get ahead. Most recently, Alphabet Inc. partnered with 11 banks on an initiative called Plex and canceled everything at the last second. “We’re not a bank — we don’t intend to be a bank,” Bill Ready, the company’s commercial president, said in a recent interview.

On the other hand, the company has a lot going for it:

“Google does have a huge consumer reach and a huge balance sheet. The tech giant charges no fees for transactions using its mobile wallet, and Ready says it has no plans to change that.”

Alphabet Inc. price chart on Nasdaq | Source:

What will the company’s crypto game include?

Let’s be clear, the tech giant is just testing the waters. They didn’t announce anything crazy and didn’t develop the technology themselves. Still, it’s a big step up from their “largely avoid the crypto industry” policy. What the hell are they doing?

“Google has partnered with the likes of Coinbase Global Inc. and BitPay Inc. to store crypto assets on digital cards while still letting users pay with traditional currencies. Google is pursuing more such partnerships, although The company still does not accept cryptocurrencies for transactions.”

Because it’s a little blurry, Yahoo!Financial details On this matter:

“Late last year, crypto platform Bakkt said its virtual Visa debit card would be available for Google Pay online and in stores. Bakkt’s Google Pay support follows in the footsteps of Coinbase, which launched support for Apple Pay for its Coinbase card earlier this year. and Google Pay support. Google is also working with Bitpay and Gemini to support their crypto cards, which means people using these cards can add them to Google Pay.”

To further emphasize the lightness of the company’s crypto game, Bill Ready told Bloomberg:

“Cryptocurrency is something we are very focused on. As user needs and merchant needs evolve, we will evolve with it.”

How did the market react to Google’s announcement?

As soon as the article went live, news began to spread across the internet, and the prices of both Bitcoin and Ethereum surged for a while. Then, when people read exactly what Google announced, the excitement died down. The two leading cryptocurrencies have been trading horizontally with a slight dip for a while. And this announcement isn’t enough to change that.

Related reading | Coinbase adds option to buy cryptocurrency with Apple Pay, Google Pay to follow

Still, maybe it should be.

Featured Image by PhotoMIX-Company on Pixabay | Charts by TradingView

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