Google has slowly been venturing into the cryptocurrency space, with Google crypto payments potentially on the horizon.
The search engine giant has formed several partnerships with leading crypto exchanges in a bid to expand its crypto services. It has also entered into strategic alliances with crypto exchanges Bakkt and Gemini to explore the domain of cryptocurrency. Here's what to expect from Google's crypto support,
When Will Google Support Cryptocurrency Payments?
Google has not announced any official release date for its cryptocurrency payment support, but it seems efforts are ramping up for this feature.
According to Bloomberg, the company accelerated its plan to launch crypto payments by hiring former PayPal executive Arnold Goldberg, who will assist the company in broadening its financial payment services.
This would likely come through the expansion of Google's wallet features available through Google Pay. Currently supporting the likes of vaccine passes and digital tickets, it could soon add cryptocurrency payments.
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Of course, this does not guarantee Google will make the jump into the cryptocurrency space. However, based on other recent partnerships, it seems the corporation is slowly dipping its toe in the crypto waters.
Google has already ventured into the crypto market by forming corporate alliances with the crypto exchange Coinbase and Bitpay. In association with crypto exchange Coinbase, Google intends to offer users a service that enables them to purchase crypto by spending fiat currency via debit or credit cards.
Similarly, its partnership with Bitpay also intends to explore the cryptocurrency domain by permitting users of the exchange to pay for goods via Google Pay using fiat currency.
Per the report, Google is exploring cryptocurrencies as the company payments division has been struggling to gain considerable market share in the payments industry. It is trying to address the same by adding custody capabilities of assets in digital cards.