Users of Google’s digital cards may soon be able to hold bitcoin and spend currency.
To implement the feature, the business has created partnerships with Coinbase and BitPay.
It is unknown when Google will begin accepting bitcoin for transactions.
Google is treading lightly into Bitcoin and cryptocurrencies as the company’s payments business tries to capture major market share in the payments industry and advertises adding custodial capabilities of such assets to its digital cards.
According to the story, “Crypto is something we pay a lot of attention to,” said Bill Ready, Google’s head of commerce. “We’ll evolve in tandem with user and merchant demand.”
To provide the new capabilities, Google has created relationships with bitcoin exchange Coinbase Inc. and cryptocurrency payment processor BitPay, according to the article. The executive’s team is searching for further cooperation prospects, despite the fact that the company is still not accepting bitcoin for transactions.
Google’s cryptocurrency integrations enable consumers to hold BTC in their digital cards while spending fiat cash, a setup that does not employ the peer-to-peer asset as a medium of exchange but allows users to spend their bitcoin holdings.
Given Bitcoin’s meteoric gain in purchasing power over the last decade, it’s difficult to imagine Bitcoiners wanting to sell a portion of their BTC stack as the opportunity cost to hold it and spend fiat cash directly rises.
The announcement comes after the business abandoned a previous effort into banking in October, appointing former PayPal executive Arnold Goldberg to manage its payments segment. Google, according to Ready, aspires to be a “connective tissue” for the whole consumer finance market.
“We’re not a bank, and we have no plans to become one,” Ready said. “Some previous endeavors would inadvertently wander into those regions.”