Google’s New Banking Project is Wakeup Call for Bitcoin Developers

Business

The cryptocurrency and bitcoin industry has seen a great spike earlier this year. This was influenced by the reports that tech-giant Google has been successful in achieving quantum supremacy. Quantum supremacy has the capacity to potentially break the cryptography of bitcoin.

In the meantime, the prices of bitcoin have been only climbing up this year. This is largely because of the growing interest in cryptocurrency and bitcoin from some of the biggest tech companies such as Apple and Google. Recently, Apple and Amazon both announced that they will be branching out into conventional financial services.

Google is now entering the scene of cryptocurrency. Google, in association with the US banking firm Citigroup, is planning to introduce its own bank accounts. The company is planning to introduce a full-fledged ‘smart checking’ accounts for this project. This project will be powered by Google Pay.

What is the new project?

This move is thus putting great pressure on the developers of bitcoin. It is now compelling them to create a better user interface and user experience to match that of Google’s. Moreover, services need to be more flexible and adaptable. Else, bitcoin developers may face the risk of redundancy.

This new project by Google, (currently its code name is Cache), will allow users to add analytics tools by Google to their conventional banking products. Furthermore, the company is planning to launch this project in the coming year. Google is planning to launch it alongside Facebook’s own cryptocurrency project – libra.

Google executive Caesar Sengupta, in an interview with the Wall Street Journal, believes that the company is planning to enter into a deep partnership with banks and other financial systems. Moreover, he adds that even if the path is a bit longer, it has more sustainability.

This is a good wakeup call for bitcoin and other cryptocurrency developers as they have been struggling to attract more users and retail acceptance.

Philip Marshall

Philip Marshall mainly writes in the areas of science and technology, consumer goods, and energy. He contributes extensively to various science and technology news sites with his penchant to keep readers updated with various developments in the field of science and technology. His deep interest in science combined with a technical bent provides an analytical angle to his news stories. His ability to write in an easy, comprehensible yet interesting language turns on readers’ attention to ask for more interesting news stories.

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