Google Pay hires PayPal exec to head up crypto payments push

With intentions to expand into the crypto industry, Google has hired a former PayPal executive to help bolster Google Pay.

As part of a company-wide push into financial services, including cryptocurrency, Arnold Goldberg has been appointed to lead Google’s payments section.

Bill Ready, Google’s president of business, told Bloomberg:”We pay a lot of attention to cryptocurrency […] We’ll evolve along with user and merchant demand.”

For quite some time, Google has been dipping its toes in the crypto space, cooperating with many crypto startups until 2021. Ready stated that the organization intends to pursue more crypto-related partnerships.

Google Pay announced a new relationship with major crypto exchange Gemini in April 2021. Users of Gemini could now buy Bitcoin with fiat currency using a debit or credit card through Google Pay.

In June, Google announced a partnership with Coinbase, allowing Coinbase customers to use their Coinbase Card to pay for goods and services using Google Pay. Users could also get cryptocurrency rebates of up to 4% on their purchases.

In October, a partnership between the crypto exchange Bakkt and Google allowed Bakkt clients to use their Google Pay wallets to buy goods and services using some of the exchange’s cryptocurrencies.

Paypal, on the other hand, appears to be down one man as it investigates the establishment of its own stablecoin. Paypal revealed intentions to introduce “PayPal Coin” earlier this month, which developer Steve Moser discovered in the source code of the platform’s iPhone app.

This comes only three months after the company scrapped plans for a “Plex” service that would have allowed customers to open checking and savings accounts.

When it came to the decision to reduce Plex, Ready noted, “We’re not a bank — we have no ambition of being a bank.” “At times, certain previous endeavors would accidentally venture into those realms.”

Google Pay first launched in 2015, with a relaunch in 2020 that changed the app into a destination for clients to track their spending and find deals.