Google Eyes Bitcoin: 'Will Lower Entry Barriers'

From left: Thomas Chen, CEO of Function Bitcoin (FBTC), Kyle Song, Google Web3 Specialist, Eugene Cheung, OSL Head of Institutional Business, Brian Mahony, Mezo Co-founder, and Jun Ian Wong, ACJR Network Co-founder. Hong Kong=Lee Jun-hyung

Google is pushing forward with plans to lower entry barriers for cryptocurrencies including Bitcoin (BTC).

Kyle Song, Google's Web3 Specialist, attended the 'Bitcoin Tech Carnival' session at the Four Seasons Hotel in Hong Kong on the 18th, stating, "With the launch of Exchange-Traded Funds (ETFs) last year, Web2 giants like Google now have opportunities to enter the Bitcoin industry," and "Google has been collaborating with the Bitcoin ecosystem since last year." He added, "We are exploring ways to lower entry barriers so Web2 users can easily use Bitcoin."

Song used cryptocurrency wallets as an example. He explained, "For instance, we're looking at improving Bitcoin wallets to match the Web2 experience," adding, "Our goal is to provide services where users can log into Bitcoin wallets using their Google accounts and trade Bitcoin as easily as existing Web2 payment systems." He continued, "We're also researching solutions to address trust issues between on-chain and off-chain systems," and "particularly considering ways to enhance reliability using advanced encryption technologies like Zero-Knowledge Proofs (ZKP)."

The session also addressed the impact of ETFs on the cryptocurrency industry. Brian Mahony, co-founder of Bitcoin layer-2 project Mezo, stated, "Bitcoin ETFs are now being used as collateral assets in financial institutions," and "This has opened a path for institutions to more easily integrate cryptocurrencies into the financial system." He added, "The adoption of cryptocurrencies by traditional finance (TradFi) is positive," explaining, "because without continuous inflow of new capital, there's a risk of becoming a 'Ponzi economy.'"