Google Pay Cryptocurrency Move: Platform may enter Bitcoin, Ethereum space
A series of events has finally led Alphabet Inc.’s Google to hire Arnold Goldberg, former PayPal executive, to run its payment operations and form a blockchain technologies group and to strategise and implement Google Pay cryptocurrency move. The company may be setting its eye on bringing cryptocurrencies like Bitcoin and Ethereum to its Google Pay platform. The rumors have strengthened after Bill Ready, Google’s president of commerce said, “The move is part of a broader strategy to team up with a wider range of financial services, including cryptocurrencies.”
Reported by Bloomberg, this move might be the new direction Google wants to venture towards after it binned the Google Plex project earlier in October 2021. Through Google Plex, the company was planning to build a digital checking and savings service. After spending more than a year on the project and even bringing onboard 11 banking partners, Google eventually decided to let go of the project. Now, with new developments, it appears the company is choosing to go towards the direction of cryptocurrency instead.
It all began after Google hired Goldberg to handle Google pay system, the announcement for the same was made on January 19. The next day, Google announced forming a dedicated group for blockchain technologies under Shivakumar Venkataraman, Google’s engineering vice president. Bloomberg reported on the basis of an internal email that Venkataraman will become a “founding leader” of Labs. Labs is a division for Google that handles virtual and augmented reality projects. The collective result of all these developments is assumed to open the path for cryptocurrency like Bitcoin and Ethereum for Google Pay.
Google Pay’s crypto move may play a critical role. So far,
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