The news surprised the ecosystem: Google would have partnered with the megaexchange Coinbase and the payment company BitPay to offer a new crypto service and allow the hoarding of bitcoin and other cryptocurrencies in digital cards.
In another move to inch into the crypto universe as the company’s payments division struggles to gain significant market share in the payments sector, the Silicon Valley giant could offer users the ability to store crypto assets in digital cards.
Bill Ready, president of commerce at Google, stated that “The crypto ecosystem is something we pay close attention to. As user and merchant demand evolves, we will evolve with it.”
To enable and provide this new functionality, Alphabet Inc, the US Corporation whose main subsidiary is Google, confirmed the partnership with Coinbase and BitPay, and does not rule out other partnership opportunities, although the company does not yet accept bitcoin for transactions.
This new service allows users to hold BTC on their digital cards while spending fiat currency, an arrangement that does not precisely use the peer-to-peer asset (networks of nodes that behave as equals to each other) as a medium of exchange, but rather allows users to spend their bitcoin holdings.
Faced with the accusations and doubts about the possibilities and infrastructure that Google has to act as a possible bank, Ready stated that “We are not a bank, we have no intention of being a bank”.