In what could be considered as one of the significant developments for the cryptocurrency domain, Google’s digital cards might enable users in the future to hold the Bitcoin and spend the fiat currencies in return for making transactions. In order to achieve this functionality, Google is reportedly working with the cryptocurrency exchange Coinbase and crypto processing gateway BitPay. Despite this report by Bloomberg, it is still not clear when the functionality will actually come into effect and when Google will roll out this specific convenience for the customers.
If in today’s world you are not familiar with digital currencies, you are definitely not up to date with the current scenario around the globe. Google, one of the major technology giants, has dominated the search engine category, but when it comes to the payment segment, the company is nowhere near the top. This probably has prompted Google to take the cryptocurrency route to attract more users to its payment services. On a broader scale, this adoption is aligned with Google’s business philosophy as the category of cryptocurrency represents one of the major technological innovations of the 21st century.
According to the president of the commerce division of Google, the company keeps track and pays a lot of attention to cryptocurrency. As the demand and supply of digital currency are evolving with the passage of time, Google is also keeping track of the situation and evolving its policies and functional procedures to match the needs and demands for the same.
In order to implement the cryptocurrency payments, Google has struck a partnership with Coinbase cryptocurrency exchange and Bitpay payment processing gateway for the cryptocurrencies. It is important to note that Google has not yet started accepting Bitcoin as one of the legitimate methods of making transactions.
This particular arrangement of holding cryptocurrencies in Google’s digital cards will facilitate the transaction in fiat currencies. Google has already made its intentions very clear that it doesn’t want to become a player in the banking industry. Rather the organization would like to act as a “connective tissue” that will help the entire category of financial technology to reach its customers in a more effective and efficient manner.
This particular effort of integrating with cryptocurrency is also in the same direction as the company wants to enable users to spend their money using fiat currencies even as they continue to hold Bitcoin in their digital cards.