Google employs PayPal executive to explore crypto strategy

Google has hired Arnold Goldberg as its new chief product architect.

Google employs PayPal executive to explore crypto strategy

Google has hired Arnold Goldberg as its new chief product architect, according to Bloomberg.

Goldberg was formerly the senior vice president and chief product architect of PayPal.

The search and advertising giant will launch a cryptocurrency debit card just three months after abandoning plans to let Google Pay users set up checking and savings accounts through its Plex service.

Bill Ready, Google's President of Commerce, said cryptocurrency is something his company pays a lot of attention to. "We will adapt to user and merchant demands as they change."

Google Pay, the company's digital wallet designed for online and contactless mobile purchases, has already made some tentative steps into the crypto industry.

Coinbase Card integration was added to Google Pay in March 2020, likely overshadowed by the impending COVID lockdown.

The Coinbase Card is a Visa debit card that supports Bitcoin payments. Android users could add their credit card information to Google Pay and purchase things with Bitcoin. (Coinbase Card is also compatible with Apple Pay.)

As of August 2021, BitPay Mastercards are also available on Google Pay after being integrated with Apple Pay.

Bakkt announced in October 2021 that holders of its debit card could use it in conjunction with Google Pay to purchase goods and services using Bitcoin.

At the point of sale, users were able to exchange their Bitcoin for the greenback.

As a result of Apple's dominance of the US smartphone market, and its focus on app development, Google Pay lags behind Apple Pay.

Goldberg may be able to help in this regard. PayPal launched its platform for customers to buy cryptocurrencies such as Bitcoin and Ethereum in late 2020, while Goldberg was still with the company.

In 2021, the company steadily expanded its offerings with the introduction of crypto payments for merchants and integration with Venmo.

It's clear that despite Ready telling Bloomberg that Google is not yet ready to process crypto payments, it's part of the company's plans for the future.