As per Bloomberg, Google is dabbling with Bitcoin and other cryptocurrencies as its payment processing business tries to gain strong presence in the payments sector and trumpets the addition of custody capabilities for those kind of assets to its digital cards.
Customers of Google’s digital cards may soon be able to store bitcoins and pay in fiat money. According to reports, the corporation has partnered with Coinbase and BitPay to offer the new capability. To implement the capability, the firm has partnered with Coinbase and BitPay.
“Crypto seems to be something we devote a huge amount of attention to,” according to the article, Bill Ready, Google’s head of commerce. “As customer and merchant needs grow, we will adapt.”
Google has partnered with crypto exchange Coinbase Inc. and payment processing company BitPay to offer the new capabilities, as per the article. According to Bloomberg, the CEO said that his management team is searching for further cooperation prospects, despite the fact that the firm is still not taking bitcoin for payment.
Google’s cryptocurrency capabilities enable consumers to store bitcoin on personal digital cards and spend fiat cash, a solution that does not employ the peer-to-peer asset as a means of payment but paves way for customers to spend their bitcoin assets.
Considering Bitcoin’s meteoric surge in buying power during the last decade, it’s difficult to see Bitcoiners selling a portion of their BTC pile as the cost to hold and spend fiat cash directly increases.
The development follows after the business abandoned an earlier effort into banking in October, when it hired veteran PayPal CEO Arnold Goldberg to lead its payments section. As per Ready, Google aspires to be the “connective tissue” of the consumer lending business as a whole.
“We are not a bank and do not want to become one,” Ready told Bloomberg. “occasionally, prior initiatives would unintentionally tread into such places.” It is unknown when Google will begin taking bitcoin for payment.
