Google will soon allow storing crypto on its cards

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2022-01-27 03:09:14

According to Bloomberg, Google is trying to enter the cryptocurrency market when the department responsible for online payments falls short of its targets. “Cryptocurrency is what we are paying attention to“, said Bill Ready, president of commerce at Google. “As the needs of users and merchants evolve, so do we“.

Also according to news from Bloomberg, Google has partnered with cryptocurrency exchange Coinbase, and partnered with cryptocurrency payment processing service BitPay to add payment functionality. Director Ready affirmed that his team is ready to welcome new cooperation opportunities, even if the company does not yet accept payment in Bitcoin.

Initially, Google’s application of new technology will allow users to store Bitcoins in electronic cards, while still using fiat money for payments. The payment protocol will allow users to spend the Bitcoins they have been collecting for so long.

However, looking at Bitcoin’s value over the past decade, it’s hard to see a scenario where Bitcoin holders want to spend their “savings”. The information posted by Bloomberg comes after the October event, when Google stopped efforts to develop the banking business, and hired a director who used to work for PayPal, Arnold Goldberg, to head the payments business.

According to Mr. Ready, Google wants to be the “connective tissue” for all payments between users and service providers. “We are not a bank – we do not intend to turn a company into a bank,” Mr. Ready told Bloomberg. “It’s just that some of the efforts in the past are sometimes related to that area“.

#Google #storing #crypto #cards

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