Mixed reactions: Google’s move into cryptocurrency monitoring

Google recently made a breakthrough by expanding its search capability to monitor wallet balances across various blockchains, thus enabling Google users to effortlessly track their cryptocurrencies using the search engine. The enhancement includes popular blockchains like Bitcoin, Arbitrum, Avalanche, Optimism, Polygon, and Fantom and accommodates various cryptocurrency users. 

Google’s upgraded search capability enables such users to enter wallet addresses and receive a series of common search results showing the token balance per network, with a timestamp that indicates the time the data was last updated. The development eliminates the need for the user to navigate across multiple platforms to monitor their cryptocurrencies, thus lowering the barrier and streamlining the transaction of digital assets.

Moreover, Google’s updated search feature supports three Bitcoin address formats: P2PKH, P2SH, and Bech32. As discussed earlier in this post, this development allows users to quickly check the current balance and recent transactions for Bitcoin addresses from Google, further simplifying the monitoring of Bitcoin activity from within the Google platform. 

On the one hand, the initiative was met with praise, with some commentators arguing that it is an essential step forward in assimilating Bitcoin and other cryptocurrencies into the broader user experience. On the other hand, several concerns about massive, centralized data collection continued to be voiced, especially among privacy-focused Bitcoin proponents.

Google’s evolution in embracing cryptocurrencies

Google’s development of such cryptocurrency-related products represents a significant shift from the platform’s earlier disclosure of digital assets. For instance, in 2018, the platform explicitly banned advertising anything related to Bitcoins. Nonetheless, following the approval of spot Bitcoin exchange-traded funds in the United States in November of that year, Google displayed advertisements for ETF products from major asset managers like BlackRock. More strategically, Google discerned a cooperation agreement with Coinbase in October 2022 and publicized that the company’s customers may pay for Google Cloud facilities using cryptocurrencies.

Support for Ethereum and DeFi

Support for Ethereum and DeFi Google’s recent growth is in line with its launch of Ethereum Name Service (ENS) domain search results, which simplifies the process for users to keep track of their Ethereum holdings by allowing them to check wallet balances using readable domain names like “vitalik.eth.” 

Additionally, Google Cloud partnered with Web3 startup Orderly Network in 2023 to create user-centric developer tools for Decentralized finance (DeFi), addressing long-standing entry barriers and security concerns within the DeFi ecosystem. This partnership demonstrates Google’s dedication to aiding creative initiatives in the cryptocurrency space.