Reading time: ~2 m
Google was mentioned several times in one day in the news of the cryptocurrency market. If in the morning it all started with harmless plans to issue their own cards with a balance in digital currency, then by nightfall Bloomberg journalists learned about plans for a complete immersion in the industry, the development and launch of the blockchain, Google token, NFT marketplaces and the Metaverse.
Google’s plans are similar to those of Facebook (Meta), which created the Libra association in 2019, which was supposed to build a new digital economy on the blockchain designed by the social network.
The governments of developed countries saw Mark Zuckerberg’s plans as a threat to the international financial system. With the combined efforts of regulators and legislators, Facebook’s global Libra cryptocurrency initiative lost partners and shrank to the banal Diem stablecoin, which began testing at the end of 2021.
Google has been passively watching the cryptocurrency market all this time, acting only as a partner of a number of crypto startups. According to Bloomberg, everything changed literally overnight.
The IT giant has formed a whole team of specialists under the leadership of Vice President Shivakumar Venkataraman with the task of developing the Google blockchain. The work is carried out in strict secrecy, but journalists have learned that virtual reality hardware researchers have joined the blockchain group. They have been working on this topic since last fall under the leadership of Vice President Clay Barton.
Google has refused to respond to official requests for cryptocurrency and blockchain development. The IT corporation told Bloomberg only about plans to launch “digital cards”, which will make the experience of storing and using cryptocurrencies for users similar to bank cards.
All transfers from Google Maps will be converted to fiat by the BitPay service. The Coinbase exchange will store real digital assets. The IT giant plans that digital cards, like bank cards, can be issued by any financial institution using the Google Pay platform.
This service is already being transformed into a digital currency under the leadership of recently hired former PayPal chief Arnold Goldberg. It should transform Google Pay into a linking service for any blockchain-verified digital data, from NFTs to certificates, diplomas, insurance and medical records.
#Facebook #Google #dives #cryptocurrency #market
