Investors have been intrigued by cryptocurrencies for a while now, and it’s easy to see why. During the previous decade, Bitcoin (BTC), one of the first in the asset class, was by far the best-performing mainstream investment.
Since then, hundreds of other digital currencies have followed in its footsteps, with many achieving similar high returns. Ethereum’s Ether (ETH) token, which started in 2015 at less than $3, has reached a record high of $4,891 by November 2021. At the time of writing, BTC and ETH traded for over $43,000 and $3,300, respectively, far below their peaks but still well above where they stood a few years ago.
Alphabet Inc.’s Google has hired Arnold Goldberg, a former PayPal executive, to lead its value operations, develop a blockchain applied sciences department, and implement the Google Pay cryptocurrency transition. There is a possibility that Google will add cryptocurrencies like Bitcoin and Ethereum to its Google Pay platform.
After Invoice, the whispers have become louder. “The move is part of a bigger strategy to team up with a wider range of economic suppliers, including cryptocurrencies,” Google’s head of commerce explained.
According to Bloomberg, this decision might be the new road Google wants to go after shelving the Google Plex project earlier this year in October 2021.
Using Google Plex, the company intended to provide a digital checking and monetary savings solution. After spending more than a year on the project and even getting 11 financial partners on board, Google decided to abandon it.
Recently, it appears that the corporation has decided to go the cryptocurrency route instead. It is possible that Google Pay’s crypto conversion will play an important role in its future. Prior to now, clients outside of India could trade and acquire cryptocurrencies using applications like PayPal and Coinbase.
However, this change will introduce cryptocurrency support to Android smartphones, which will make it easier to manage cryptocurrency and provide much-needed infrastructure stability to customers. Crypto frauds that have surfaced recently might be put to an end with this decision.
It is unclear whether or not Google Pay will support cryptocurrencies or will build a companion app for them, but the company’s interest in crypto and blockchain cannot be denied.
An exciting future is in store with the rumored entry of the IT behemoth into the Bitcoin and Ethereum markets.