Google hires Paypal Veteran to reset financial services, push into crypto

Cryptocurrencies are often regarded as the next stage in online finance, allowing those who do not have access to traditional financial infrastructure to manage their money, transfer payments, and invest without relying on banks or centralised payment processors. It’s no surprise that some of the world’s most successful online payment companies have begun testing the technology and are now searching for methods to directly handle cryptocurrency transactions or allow individual investors to participate in the burgeoning new crypto economy.

Google revealed that it had hired former PayPal executive Arnold Goldberg to lead its payments branch. Goldberg’s hiring is part of a larger effort for the business to embrace a wider range of financial services, including crypto. Arnold previously managed PayPal’s core checkout as the company’s principal product architect and general manager.

Bakkt, a cryptocurrency platform, announced late last year that its virtual Visa debit card would be accessible for use on Google Pay both online and in shops. Bakkt’s Google Pay support follows Coinbase’s announcement earlier this year that its Coinbase Cards will support Apple Pay and Google Pay. According to a Google representative, Google is also working with Bitpay and Gemini to enable their crypto cards, which means that customers who use these cards can also add them to Google Pay, but the transaction will be in fiat currencies.

Although Google does not accept crypto for transactions, till now it is hoping to do more of these types of deals with crypto startups. Furthermore, many blockchain and cryptocurrency service providers are rapidly accepting Google Pay as a payment mechanism. NewsCrypto, a blockchain trading education and market analytics website, joined the increasing list of crypto platforms that accept Google Pay payments earlier this month. Customers can now acquire NewsCrypto Coin tokens with Google Pay, which may be staked or used to unlock new tracking capabilities. As a result, NewsCrypto is one of the first platforms to accept Google Pay for bitcoin purchases.

These timid first moves suggest that Google’s stance on cryptocurrency may be shifting. In 2018, Google restricted advertisements for cryptocurrency exchanges, wallets, and certain other crypto-related ads, referring to cryptocurrencies as speculative financial instruments. However, just months later, Google reversed its position on the prohibition and is now allowing an increasing number of crypto companies to advertise on the search engine.

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