Alphabet Inc.’s Google (NASDAQ:GOOGL), which began dipping its toes into the crypto space in 2020, has continued its push into the crypto industry, announcing the hire of former PayPal (NASDAQ:PYPL) executive Arnold Goldberg.
Arnold Goldberg, who previously served as the chief product architect and general manager at PayPal, would head the payment division of the tech giants.
Google is Expanding its Payment Services
According to Bill Ready, Google’s President of Commerce, the hire of Paypal’s vet falls into its plans of pushing into financial services, including cryptocurrencies. With this move, Google looks to reset its ambitions for banking and payments.
Google’s online payment system, Google Pay, allows in-app, online, and contactless purchases on mobile devices. However, Google now looks to focus more on being a “comprehensive digital wallet.”
In expanding its Google pay services, the tech giant is working with Indifi Technologies – an Indian online lender – to offer instant loans to small merchants through the Google Pay app.
In line with its push for offering greater financial services, Google has partnered with America’s leading crypto exchange, Coinbase (NASDAQ:COIN). Google has also turned to blockchain technology, forming a blockchain and distributed computing division in a related trend.
On the Flipside
- Despite its push into crypto, Google has dissolved its quest to join the banking community, stating that it has no intention of being a bank.
Why You Should Care
According to Bill Ready, crypto is something Google needs to pay a lot of attention to and will evolve with it, as more users and merchants demand crypto services.
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