Confirmed by Bloomberg, Google has recently hired a PayPal veteran Arnold Goldberg to oversee the payments division of the company. The company is thus getting ready to introduce a variety of new financial services for its customers, with crypto being one of them, as Bill Ready, Google’s president of commerce confirms.
The tech company has been developing its financial services for eleven years now. And while Ready says that they “have no intention of being a bank,” he also admits that “some past efforts, at times, would unwittingly wade into those spaces.”
He also addresses the future potential of cryptocurrencies within Google’s services: “Crypto is something we pay a lot of attention to. As user demand and merchant demand evolves, we’ll evolve with it.”
While the company is set to broaden its financial services, the chief officers want to assure their customers that they plan to maintain zero fees on transactions within the Google online wallets, as they are aware of the colossal consumer reach they have.
Google is currently the fourth biggest company in the world, as ranked by Marketcap. The implications of such a worldwide tech giant dipping its toes in crypto are nothing short of extraordinary. According to available statistics, there are currently almost four billion Google users in the world. Its cryptocurrency acceptance could potentially mark the beginning of a mass crypto adoption. Only time will tell, however.