After years of avoiding cryptocurrencies, it looks like Google finally wants to take the plunge and allow its Google Pay payment system to accept transactions with something other than traditional cash.
According to Bloomberg, the tech giant Google will create a group that will focus on blockchains and other next-generation distributed computing and data storage technologies. This new team would notably be led by the new Vice President of Engineering, Shivakumar Venkataraman.
Venkataraman has worked at Google for nearly 20 years, where he was responsible for search engine ads and other company properties. From now on, Shivakumar Venkataraman will spearhead this initiative which will allow the technology giant to further engage in distributed computing and blockchain, but he will not be alone on this project.
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Google wants to add cryptocurrencies to Google Pay
In addition to Shivakumar Venkataraman, Google has also recruited another engineer who could help the company accept cryptocurrencies. According to Bloomberg, this is Arnold Goldberg, chief product architect of PayPal, who will now lead Google Pay following the departure of former payments manager Caesar Sengupta in April.
Google is now reportedly planning to integrate cryptocurrencies into its digital wallet. According to Bill Ready, Google’s president of commerce and Goldberg’s former colleague at PayPal, Google has partnered with Coinbase and BitPay to explore how customers can store their cryptocurrency on Pay while allowing them to pay with traditional money.
Bill Ready also said that ” crypto is something we pay a lot of attention to… As user and merchant demand evolves, we will evolve with it “. Current owners of digital assets would also like for the most part that cryptocurrencies are part of their daily life, since 55% of respondents in a Paysafe study announced that they wanted to receive their salary in cryptocurrency.
Everything therefore suggests that Google Pay will soon allow you to pay for your purchases with Bitcoins and other cryptocurrencies. This integration into the Google ecosystem could also help Bitcoin quickly reach $100,000, as some analysts predict.