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How can Google Speed up the Crypto Adoption
Google is one of the biggest drivers of tech innovation through its game-changing search engine. It is full of features that help you find what you’ve been looking for with maximum efficiency. Now, crypto adoption may be next on its development plate.
Apart from being a search engine, Google offers other Internet-related services and products. Among them are cloud computing, payment platforms, and online advertising technologies. However, the company is yet to make any significant strides in the cryptosphere.
As one of the most popular websites worldwide, Google has a massive potential of pushing cryptocurrencies and blockchain technology. Here’s an insight into how Google can promote crypto adoption and benefit its billions of users.
How Far is Google in the Cryptosphere?
Google has demonstrated an interest in cryptocurrency and blockchain technology but hasn’t transitioned much into the space to offer cryptos or blockchain services, like Amazon. Initially, the tech giant was skeptical about cryptocurrencies, banning all advertisements related to crypto and blockchain products. These adds included crypto companies, initial coin offerings (ICOs), wallets, exchanges, and more. Currently, Google has lifted some of these bans but still has set restrictions on crypto products.
Google’s unusual step in the crypto sphere is through its Google Pay which integrates crypto payments. Currently, users can add a virtual version of their Coinbase Card or BitPay Card to their Google Pay wallet, making it seamless to pay using cryptos in shops or institutions that accept crypto payments. Coinbase Card is in the form of a Visa debit card , which Coinbase launched in April 2019. It allows users to spend up to 10 different cryptocurrencies directly from their Coinbase balance. Additionally, Coinbase offers a virtual card on their phone, which they can integrate into Google Pay.
How Google Pay May Help with Crypto Adoption
Google Pay integrates with Coinbase Card and BitPay Card. This allows users to efficiently and safely make crypto payments in 14 countries, including France, Spain, and the United Kingdom. Google Pay’s crypto payment support via BitPay Card and Coinbase Card is expected to be expanded to other countries shortly.
Apart from Google Pay’s integration to crypto, Google’s other innovation in the crypto space is Google Cloud Platform (GCP) – a suite of cloud computing services. GCP offers the needed infrastructure for several blockchain companies such as Theta Labs and Blockchain.com. Theta Labs leverages GCP to allow users to deploy and operate nodes on Theta’s platform. Google Cloud also works as a validator node on Theta’s network. Blockchain.com – a lending crypto software company employs GCP to run its various databases for its Blockchain Explorer and Wallet services. Also, the platform uses Google’s Cloud Spanner as a database layer to manage and streamline services on GCP.
Google has made impressive strides in the crypto sphere, providing a variety of infrastructure for Blockchain Companies. However, Google hasn’t maximized its technological potential to spur crypto adoption. Many have accused the tech giant of taking a less-friendly approach towards cryptos. Some do not agree with Google burning ads about ICOs, wallets, and crypto exchanges on its platform.
How Can Google Promote Crypto Adoption
Google is an undisputed king in the IT space, and there’s so much it can do to spur crypto adoption. The company has taken a harsh stance towards cryptocurrencies. Initially, it started burning crypto advertisements on its platforms. Google even went to the extent of removing several crypto-mining apps from the Play Store and burning cryptocurrency news platforms on its search engine.
Google has so much potential to transform to promote crypto adoption in various ways, including:
Accept Cryptocurrency Advertisements across All It Platforms and Around the Globe
In March 2018, Google clamped down on bitcoin and blockchain-related ads across all its platforms following an increase of scams and shady schemes in the crypto space. Following years of crypto growth and a decrease in crypto scams thanks to the measures put in place, Google updated its financial Products and Service policy on 3rd August 2021.
According to the policy, crypto products and services such as wallets and exchanges can be advertised on Google platforms if the advertiser is a licensed provider. The products/services comply with the industry standards and local legal requirements, plus the account is certified by Google.
Crypto advertisers in the US must be registered with the Financial Crimes Enforcement Network (FinCEN) or a federal or state-chartered bank entity. Advertisers wanting to run crypto ads should also apply to Google for eligibility assessment. Once approved, applicants can run crypto ads on Google’s search engine and third-party sites, including Gmail, YouTube, or Blogger.
While Google now accepts crypto ads on its platforms, the terms of the advertisements are pretty restrictive. Furthermore, several crypto products and services are not eligible for advertising under the new policy. Among them are Initial Coin Offerings (ICOs), Decentralized Finance (DeFi) trading protocols, DeFi products such as Token liquidity pools (LPs), unregulated DApps as well as un-hosted wallets.
Google has also banned crypto promotions, trading signals, broker reviews, and crypto investment advice.
Integrate Blockchain into Its Search Engine Algorithm
Another way Google can promote crypto adoption is by integrating block search engine algorithms into its search engine. Google’s search engine algorithms rank web pages by using a combination of various factors. Many accuse Google of search engine ranking manipulation. By integrating blockchain technology in its search algorithm, Google can achieve search engine neutrality and develop trust and legitimacy among its users.
Launch its Own Blockchain Platform or Cryptocurrency
Google can even go the Facebook way and launch its in-house cryptocurrency. Facebook seeks to establish its blockchain platform with a private cryptocurrency. The project referred to as Diem is still in the initial stages but is set to be launched soon. Google can create a blockchain platform and crypto used to pay for services offered on the platform. Google’s enormous search engine and third-party services transformed the Internet and can achieve the same fate in the crypto space, sparing widespread adoption.
Closing Words – Google and Crypto Adoption
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Despite being arguably one of the most innovative tech companies today, Google has largely kept its distance from the crypto field. The company is yet to make a considerable investment in the crypto sector despite having plenty of resources. Nonetheless, the company seemed to have softened its stance on cryptocurrencies accepting crypto adverts on its search engine and third-party sites such as YouTube. Through its Google Pay platform, the company has also partnered with blockchain companies, including Coinbase, to facilitate crypto payments. In essence, there is so much that Google can do to promote crypto adoption.
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