Google Explores Ways to Bridge Traditional and Crypto Payment Systems
Google is working on plans to make Bitcoin and other cryptocurrencies more accessible to everyday users, according to statements made by Kyle Song, Google's Web3 Specialist, at the Bitcoin Tech Carnival in Hong Kong on February 18 in a report from Bloomingbit.
The tech giant aims to create a system where users can access Bitcoin wallets using their Google accounts, making cryptocurrency transactions as simple as traditional online payments. This development follows the launch of Bitcoin Exchange-Traded Funds (ETFs) last year, which has opened new opportunities for major Web2 companies to enter the cryptocurrency space.
"Google has been working with the Bitcoin ecosystem since last year," Song said at the Four Seasons Hotel event. The company is focusing on improving Bitcoin wallet functionality to match the user experience of Web2 applications. They are also researching solutions to build trust between on-chain and off-chain systems, with a particular focus on advanced encryption technologies like Zero-Knowledge Proofs (ZKP).
The impact of Bitcoin ETFs on the broader financial industry was also discussed at the event. Brian Mahony, co-founder of Bitcoin layer-2 project Mezo, noted that financial institutions are now using Bitcoin ETFs as collateral assets. This development has made it easier for traditional financial institutions to integrate cryptocurrencies into their existing systems.
Mahony stressed the importance of continuous capital inflow from traditional finance (TradFi) into the cryptocurrency ecosystem. He explained that this integration is necessary to prevent what he called a "Ponzi economy" and support the long-term growth of the cryptocurrency market.
Since the introduction of Bitcoin ETFs, major technology companies have shown increased interest in cryptocurrency integration. Google's efforts to simplify Bitcoin access represent a significant step toward bringing cryptocurrency technology to mainstream users through familiar platforms and interfaces.
