Google Pay partners with cryptocurrency exchanges to accept their digital cards

Another day, another massive company entering the cryptocurrency space. Google is taking steps to raise the profile of its Google Pay service and, of course, crypto is part of it. The company has hired Arnold Goldberg, a former senior vice president at PayPal, “to lead its payments division.” It is according to Bloomberg, which broke the story.

“This move is part of a broader strategy to partner with a wider range of financial services, including cryptocurrencies,” said Bill Ready, Google’s president of commerce. Google Pay system and mobile wallet, has largely shunned the crypto industry.

Related Reading | Bitcoin consistently topped Trump, VISA, PayPal and Libra on Google search in 2019

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

Google’s many failures

The company’s financial division has not been the best performer. Their Google Pay service is far behind its competitors and faces a crowded space with many players trying to get ahead. Recently, Alphabet Inc. partnered with 11 banks for an initiative called Plex and called it all off at the last second. “We are not a bank – we have no intention of being a bank,” the company’s president of commerce, Bill Ready, said in a recent interview.

On the other hand, the company has a lot of strengths:

“Google has huge consumer reach and a huge balance sheet. The tech giant does not charge any fees on transactions with its mobile wallet, and Ready said there are no plans to change that.

Alphabet Inc. price chart on Nasdaq | Source: TradingView.com

What will the company’s crypto game consist of?

Let’s be clear about this, the tech giant is just testing the waters. They haven’t announced anything crazy and aren’t developing any technology themselves. Still, it’s a big improvement over their “widely shunned the crypto industry” policy. What are they doing, exactly?

“Google has partnered with companies including Coinbase Global Inc. and BitPay Inc. to store crypto assets in digital cards, while allowing users to pay in traditional currencies. Ready said Google is looking to do more of these partnerships, although the company still does not accept crypto for transactions.

As it is a little vague, Yahoo! Finance elaborates About that:

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

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

“Cryptography is something we pay a lot of attention to. As user demand and merchant demand evolve, we will evolve with it. »

How did the market react to Google’s announcement?

As soon as the article was posted and the news started spreading across the internet, Bitcoin and Ethereum prices shot up for a little while. Then, as people read exactly what Google had announced, the excitement died down. The two major cryptocurrencies are trading horizontally, trending slightly lower for some time. And this announcement was not strong enough to change that.

Related Reading | Coinbase adds option to buy crypto with Apple Pay, Google Pay to follow

Maybe it should have been, though.

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