Google is working to make Bitcoin wallets as user-friendly as
web2 apps, as well as adding security features that promote mainstream adoption, according to Kyle Song, APAC Web3 Specialist at Google Cloud, who spoke at the Bitcoin Tech Carnival in Hong
Kong.
The goal is to lower the barriers to entry for cryptocurrencies. Addressing the technical challenges of bridging the gap between traditional and blockchain-based finance, Song
noted that Google is focused on security improvements. Several Asian publications covered the news from the Four Seasons Hotel in Hong Kong.
"With the launch of Exchange-Traded
Funds (ETFs) last year, Web2 giants like Google now have opportunities to enter the Bitcoin industry," Song said. "Google has been collaborating with the Bitcoin ecosystem since last year," he added,
and the company is exploring ways to lower entry barriers so Web2 users can easily use Bitcoin.
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Song provided the example of cryptocurrency wallets. He explained that Google is looking to
improve Bitcoin wallets to match the Web2 experience with a goal to enable users to log in to Bitcoin wallets through their Google accounts and trade Bitcoin as easily as existing Web2 payment
systems.
Google allows ads promoting cryptocurrency coin trusts in the United States, as long as advertisers are certified and meet local licensing requirements.
To advertise certain products they must be certified. These products include complex speculative financial products such as contracts for difference, rolling spot forex, financial spread betting,
and synonymous products.
Cryptocurrency exchanges are on the list, along with cryptocurrency software wallets, and hardware wallets designed to hold the private keys for cryptocurrencies, NFTs
or other crypto based assets
Google also is researching solutions in blockchain technology to address trust issues between on-chain, transactions or
activities that occur on the network, as well as off-chain systems, such as transactions that occur outside the main blockchain or on secondary networks.
The company also wants to address ways
to enhance reliability using advanced encryption technologies like Zero-Knowledge Proofs (ZKsP). Song addressed the impact of Exchange Traded Funds (ETFs) on the cryptocurrency
industry. according to the report.
Crypto Briefing reported that Google Cloud in September introduced an Ethereum-compatible Blockchain Remote Procedure Call (RPC), a service
designed to facilitate blockchain development for web3 developers. It was meant to make it easier for developers to interact with blockchain data. The service
initially supports Ethereum mainnet and testnets, with plans to expand to others in the future.