It is no surprise that cryptocurrency has captured the attention of investors. Bitcoin (BTC) was the first mainstream investment to achieve high returns in the past decade.
Many other digital currencies have followed its lead, many with similarly high returns. While the Ethereum network’s Ether token (ETH) was initially launched in 2015 for less than $3, it reached a record $4,891 in November 2021. At the time of writing, both ETH and BTC were trading at over $43,000 and $3300, respectively. This is significantly lower than their peak but far more than they were a few years ago.
After a series of events, Alphabet Inc.’s Google hired Arnold Goldberg, an ex-PalmPay executive, to head its value operations, create a department for blockchain applied sciences, and plan and implement the Google Pay cryptocurrency transformation. Google may be considering adding cryptocurrencies such as Bitcoin and Ethereum to the Google Pay platform.
The whispers are now louder after the Invoice. The head of Google’s commerce explained that the move was part of a larger strategy to work with a wider variety of economic suppliers, including cryptocurrency.
This decision could be Google’s new direction after it abandoned the Google Plex project in October 2021, according to Bloomberg.
Google Plex was to be a digital check-in and monetary savings platform. After more than a decade of work, Google decided to end the project. It also had 11 financial partners.
Recent events suggest that the company has chosen to go cryptocurrency instead. Google Pay’s cryptocurrency conversion could play an important role in the company’s future plans. Clients from outside India were previously able to trade or acquire cryptocurrency using apps such as Coinbase and PayPal.
This change will allow for cryptocurrency support on Android smartphones. It will make it easier to manage your crypto money and provide stability to the infrastructure. This change could end several recent crypto frauds.
Although it is not clear if Google Pay will allow cryptocurrency on its platform, or if a companion app will be developed to do so. However, it is evident that the company is interested in blockchain and crypto.
Things look bright for an exciting future with the rumored entry of the IT giant into the Bitcoin and Ethereum markets.