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It’s no wonder that cryptocurrencies have grabbed the curiosity of investors. Bitcoin (BTC), one of the first in the asset class, was by far the best-performing mainstream investment in the previous decade.
Hundreds of other digital currencies have since followed in its footsteps, with many of them achieving similar high returns. Whereas the Ethereum network’s Ether (ETH) token started in 2015 at less than $3, it has reached a record high of $4,891 by November 2021. Both BTC and ETH were trading for over $43,000 and $3,300, respectively, at the time of writing, significantly below their heights but well beyond where they were just a few years earlier.
Following a series of events, Alphabet Inc.’s Google has hired Arnold Goldberg, a former PayPal executive, to lead its value operations, develop a blockchain applied sciences department, and strategize and implement the Google Pay cryptocurrency transition. It’s possible that Google is planning to 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.
SEE ALSO: Mark Zuckerberg’s Controversial Cryptocurrency Project Goes On Sale For The First Time: Report
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.
The company intended to provide a digital checking and monetary savings solution using Google Plex. Google finally opted to abandon the project after spending more than a year on it and even getting on board 11 financial partners.
With recent events, it appears that the corporation has decided to take the cryptocurrency road instead. Google Pay’s crypto conversion might play a big role in its future journey. Clients outside of India had previously been able to trade and acquire cryptocurrencies using applications such as PayPal and Coinbase.
However, this change will introduce cryptocurrency support to Android smartphones, which will not only make it easier to manage crypto money but will also provide customers with much-needed infrastructure stability. This decision might perhaps put an end to several crypto frauds that have surfaced recently.
While it’s unclear whether or not Google Pay will support cryptocurrencies on its platform or will build a companion app to do so, the company’s interest in crypto and blockchain cannot be disputed.
With the rumored arrival of the IT behemoth into the Bitcoin and Ethereum markets, things are looking good for an exciting future.
Cover Image: Unsplash
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