In Brief:
- Google hired a former PayPal executive planning to expand its crypto presence.
- Arnold Goldberg will lead Google’s payments division from now on.
Tech giant Google has hired former PayPal Senior Vice President and Chief Product Architect Arnold Goldberg as part of widening its crypto presence.
Goldberg, who led PayPal’s core checkout and merchant services businesses previously will lead Google’s payments division from now on.
Bill Ready, Google’s president of commerce, noted in a Bloomberg interview that the hire is part of a larger strategy to collaborate with a broader range of financial services, including cryptocurrencies.
“Crypto is something we pay a lot of attention to. As user demand and merchant demand evolves, we’ll evolve with it,” Ready stated.
The announcement comes just three months after Google ditched a plan to allow Google Pay users to open checking and savings accounts through its proposed Plex service.
Ready stated in the interview that Google wants to become the connective tissue for the entire consumer finance industry, not just certain partners.
“We’re not a bank — we have no intention of being a bank. Some past efforts, at times, would unwittingly wade into those spaces,” he stated.
Google has collaborated with companies such as Coinbase Global Inc. and BitPay Inc. to store crypto assets in digital cards while still allowing users to pay in traditional currencies.
Bakkt announced in October 2021 that holders of its debit card would be able to use it in conjunction with Google Pay to purchase goods and services with Bitcoin. Ready stated that Google is looking to do more of these collaborations, despite the fact that the company is still not accepting cryptocurrency for transactions.
