In a surprise move, Google has launched a partnership with the Bitcoin and digital asset custodian Bakkt.
The announcement could promise a new era of mass adoption with Bakkt users able to use virtual Visa Debit cards with the Google Pay service.
When using the crypto cards, Bitcoin (BTC) and other crypto assets will be converted into fiat to compensate the merchant.
While this isn’t a true Bitcoin adoption – with payments ultimately being fulfilled by Bakkt with fiat – markets are excited at the potential scale of use delivered by the Google Pay integration.
#Bitcoin at 56K and hardly any hype.
We haven't even seen a new all-time high in Google searches yet. It's coming! pic.twitter.com/ZhtCMMeEXV— Bitcoin Archive (@BTC_Archive) October 11, 2021
In comments to the press, the President of Google Cloud North America, Kirsten Kliphouse, explained the integration was to meet rising demand from Google Pay users for crypto payment options.
“Google Cloud has been at the forefront of accelerating digital commerce, powering many retailers and merchants,” she said.
“We are proud to help Bakkt accelerate and scale the availability of their innovative solutions, powered by our technologies.”
Some on twitter have lambasted the move as hypocritical following serial moves by google to stem the spread of Bitcoin content, with some YouTubers banned for mentioning the cryptocurrency.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.