Google setting up to be part of the crypto industry with blockchain projects, web3, and cryptocurrency.
Google has gone beyond being just a search engine. In 2015, the company forayed its way into the financial service business with the launch of G-Pay. The platform is currently available in 42 countries. Although Google made headway in the Indian payments sector, it did not garner much traction elsewhere. Moreover, many have been curious about when and if Google will allow crypto payments.
In January, Google hired a Paypal executive, Arnold Goldberg, to head the payments division. The move set a new course for the company. The plan was to include a broader range of financial services. This also includes crypto payments, said Bill Ready, Google’s commerce president. He said that Google plans to provide connectivity to the entire finance industry.
“Our aim is to create connections. We’re not a conflicted party.”
Ready is Paypal’s former Chief Operating Officer (COO) and joined Google in 2019. He is also responsible for hiring Goldberg, who was in charge of Paypal’s merchant business.
Google’s crypto ventures
Google partnered with Coinbase and Bitpay to crypto assets in digital cards. However, this still requires users to pay in fiat. Ready revealed that Google is open to more such partnerships.
“Crypto is something we pay a lot of attention to. As user demand and merchant demand evolves, we’ll evolve with it.”
Additionally, it was reported that Bloomberg had accessed an internal email. According to the email, Google had set up a unit focused on blockchain and next-generation distributed computing technology. The unit is interestingly called Google Labs. This name has been in existence for a decade. However, the new department will have the same name.
Nonetheless, the email does not mention any service or product. Although the company has revealed that it is closely looking at crypto, there has been no official update or statement.
Google is undoubtedly one of the world’s biggest and most successful companies. It has a market cap of $1.5 trillion. That makes it more prosperous than many countries. Hence, it is unsurprising that the company would not take a risk unless it is calculated. It is one of the most forward-looking companies.
Tesla, on the other hand, is in different waters. CEO Elon Musk is a celebrated crypto owner and proponent. He has publicly praised the industry, especially DOGE. The famous canine token is accepted as payment for Tesla merchandise and most recently, Musk’s Boring Company will also take DOGE for Loop rides.
Moreover, there were rumors of Amazon accepting crypto payments in the future. However, there is no official confirmation on this. Most companies give in to public demand. And hence, big corporations will give in once the demand for crypto reaches a certain threshold.
There is no telling when Google will offer crypto trading/ payment facilities on its platform, but it is safe to say that they are already looking into it.