Alphabet’s Google aims to provide Bitcoin and crypto custody functionality to a digital payments card that is expected to be available soon.
Google may not be tryin to be a bank just now, but that won’t stop them from going for a larger piece of the payments pie. Although fiat money capabilities will still be available. Bitcoin and crypto integration is a natural evolution of technology and finance, especially with skyrocketing customer demands. Banks across the board are being forced into carrying digital asset products, and those that don’t, will be overcome by their competitors who do.
“We’re not a bank — we have no intention of being a bank” reported Bitcoin Magazine on what Google communicated to Bloomberg.
Bitcoin’s viral nature has infected mainstream financial institutions and regulatory bodies, and isn’t going anywhere soon. Banks have become technology companies and technology companies like Jack Dorsey’s CashApp, have become banks.
Google’s payment’s division recently hired Arnold Goldberg, a previous Paypal executive who will now spearhead Google’s developing payments department.
Who needs to go to a bank and wait in line to chat with someone when you can just make a few button clicks on your cell phone at any time from anywhere?
Many of the services or physical chores we’ve grown up with, including depositing money at a bank, have now been moved over to our smartphones and a few swipes with our fingers.