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This came after Google dialed back its plans to add bank accounts to its payment app. The company’s ambition to offer financial services has been in the works for years.
Reports show that multinational technology company Google (NASDAQ: GOOG) is making plans to gradually embrace Bitcoin and other crypto assets. According to a Bloomberg report, Google has partnered with crypto exchange firm Coinbase Global Inc (NASDAQ: COIN) and crypto payment service provider BitPay to activate the new crypto feature. With the new crypto functionality, Google will begin allowing its customers to store crypto assets in their digital cards while continuing to pay in traditional currencies.
Notably, the new Google crypto integration does not precisely give customers the opportunity to use their BTC as a medium of exchange. Rather, it allows customers to spend their Bitcoin holdings. However, it is hard to imagine a situation where people prefer to spend their crypto stack other than hodl. In addition to the current partnerships Google has on its new crypto feature, it is still open for more. However, the company has not started accepting Bitcoin or other cryptocurrencies.
Speaking, Google’s president of commerce, Bill Ready, said:
“Crypto is something we pay a lot of attention to. As user demand and merchants evolve, we’ll evolve with it.”
Google to Enable Crypto Holdings on Digital Cards After Failed Ambition on Financial Services
This came after Google dialed back its plans to add bank accounts to its payment app. The company’s ambition to offer financial services has been in the works for years. While Google was still vibrant on its financial services, the company said it would be adding bank accounts from its partners, including Citigroup (NYSE: C) and the Bank of Montreal (TSE: BMO).
At the time, a Google spokesperson said the company was enabling the financial services to meet customers’ demand for “simple, seamless, and secure digital payments for online and in-store transactions.”.The spokesperson said further:
“We’re updating our approach to focus primarily on delivering digital enablement for banks and other financial services providers rather than us serving as the provider of these services.”
It appears Google is strategizing after its financial service move failed. In addition to the crypto functionality, the multinational company has hired a former executive at PayPal Holdings Inc (NASDAQ: PYPL) to oversee its payment division. The company is focusing more on its payments service with its shopping efforts. One of Google’s shopping service features is directly revealing customers’ loyalty cards and personal discounts in search results. Google terminated fees retailers pay for selling on its shopping platform.
Alphabet, Google’s parent company, stock is currently up 0.17% to $2,717.70 at after-hours trading. Except for a 43.78% gain in the last twelve months, the company has steadily recorded losses. Since the beginning of the year, the tech giant has plunged over 6%, declining further by 4.75% in the last three months. Also, Alphabet has lost nearly 8% over the past month and 4.23% in the last five days.