Google began accepting crypto wallet ads only six months ago, easing a two-year-old crypto ban that allowed only a few well-regulated exchanges to advertising platforms.
We are currently building a new blockchain division, working with cryptocurrencies such as the Coinbase exchange and payment processor BitPay to add crypto payment capabilities to digital debit cards.
Read more: Bitcoin payments will skyrocket in 2022 as cryptocurrencies reach inflections
According to Bloomberg, the move to digital cards is the result of search-based advertising giants abandoning proper funding and quitting plans to work with banks such as Citigroup to offer checks and savings accounts.
Google’s President of Commerce Building Lady told Bloomberg on Wednesday (January 19th).
According to Lady, the move is due to Google refocusing its role as an intermediary and adding more payment capabilities to its search and shopping offerings.
Our purpose is to help build connections, he told Bloomberg. I was not a conflicting party.
Instead, Google is focused on providing users with a full array of financial services out there, Lady said in a report.
In a broader sense, it was part of a move to add payment capabilities to search and shopping capabilities, including hiring PayPal veterinarian Arnold Goldberg to run a payments department on Wednesday.
This is consistent with what the company said when it stopped offering Citi’s Savings Account (DDA) in October.
[T]Consumers want simple, seamless and secure digital payments for online and in-store transactions, a spokesman told Bloomberg in another report at the time. Instead of acting as a provider of these services, we have updated our approach to focus primarily on providing digital support to banks and other financial services providers.
This includes cryptocurrency services, Lady said Wednesday. Coinbase-BitPay transactions lead to digital debit cards that allow customers to use Bitcoin and other digital assets at point of sale (POS), while merchants receive payments in traditional fiat currencies.
Reference: Mastercard and Coinbase make it easier to purchase NFTs
Cryptography is something we pay close attention to, Lady told Bloomberg. As user demand and merchant demand evolve, it evolves accordingly.
The desire of the Metaverse?
On the blockchain side, Google’s parent Alphabet has announced that it will hire Shiva Kumar Bencataraman to run a new unit focused on blockchain and other next-generation distributed computing and data storage technologies. Bloomberg also reported separately on Wednesday.
He kicks off the new Google Labs division. This includes various virtual reality (VR) and augmented reality (AR) projects. The blockchain split is smaller than the rest of the lab.
Also read: What is the Metaverse and why do you have a fashion show?
Still, it’s a combination that doesn’t see the lab as the perfect place for Google’s Metaverse ambitions, and it’s been working on for years.
When Facebook CEO Mark Zuckerberg announced last year that he would change the company name to Meta, the virtual world made a big leap into mainstream awareness. He added that he saw the future of social media housed in the Metaverse.
This is a direction that blockchain companies are actively pursuing, and decentralized projects like Decentraland and The Sandbox are considered the perfect platform for the Metaverse, which is not dominated by Big Tech.
The Zuckerbergs company is not the only tech giant jumping into the Metaverse. On Tuesday (January 18th), Microsoft announced a $ 69 billion agreement to acquire leading game developer Activision Blizzard.
See more: Metaverse games, commerce, or escapism?
In particular, Microsoft has marketed this transaction as a way to provide the components of the Metaverse.It’s what Wal-Mart recently revealed its pursuit.
Read more: Wal-Mart meets Meta in the Metaverse
With the participation of Google, Facebook, and Microsoft, investors are asking the obvious question the Wall Street Journal reported last week: Where is Apple?
New PYMNTS Data: Authentication ID in the Digital Economy – December 2021
Summary: More than half of US consumers believe that biometric methods are faster, more convenient, and more reliable than passwords and PINs, but why are less than 10% using them? PYMNTS worked with Mitek to survey more than 2,200 consumers, more clearly define this perception-use gap, and identify ways for businesses to drive use.
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