New Google Features for Crypto Users

Google has recently introduced new features for crypto users. These are made to help the users search across their crypto wallets. The difference is that the users will be able to search for crypto wallet balances across different blockchains. These include Bitcoin, Ethereum, Avalanche, Optimism, Polygon, and Fantom, which are the most widely used, but also many more.

The users will be able to enter their wallet addresses and find their balances based on the network and the timestamp of the last update.

Google Expanding Crypto-related Features

Google has been expanding its services to accommodate crypto users for a while now. The main goal of these updates is to make the service more convenient for the end-users, as there are many more cryptocurrencies and blockchain networks in use.

In May 2023, Google integrated a feature that allows users to track Ethereum wallet balances directly within the Google search engine. There were platforms that enabled that service, such as Etherscan, and the introduction of a Google feature that does the same has put them out of business.

This expansion has been facilitated by the Ethereum Name Service (ENS). The main purpose of the service is to provide human-readable domains, such as “.eth,” so that users can simply type into their browser and get the information they need. There are many more Ethereum users, and most of them are not as tech-savvy as they were a few years ago, so features such as these really help.

Including Other Blockchain Networks

In addition to Ethereum, Google has extended the service to include other blockchains and cryptocurrencies. This change represents a change in the official Google policy towards cryptocurrencies.

The search engine was skeptical at first about cryptocurrencies, and it didn’t include features made for crypto wallet users, nor did it accept ads for cryptocurrencies.

This feature supports three Bitcoin address formats — P2PKH, P2SH, and Bech32 — enabling users to check current balances and recent transactions seamlessly.

Safety and Privacy Concerns

Safety and privacy were always the most important concerns for users who keep cryptocurrencies in digital wallets. That’s why the safety of myetherwallet has always been its most advertised feature. It allowed the users to make transfers without having to provide too much personal data.

However, the new Google policy has raised concerns about wallet safety and privacy. Some crypto enthusiasts feat data centralization more than they enjoy the newly found convenience. It’s a matter of balance, as is often the case when it comes to safety.

ETFs and Google Advertising

One of the biggest changes since the introduction of ETFs came just a few months ago with the introduction of ETFs. ETFs stand for exchange-traded funds, and they allow investors to invest in a fund at the stock market, with its value being tied to the value of Bitcoin. This presents a move towards mainstream finance for cryptocurrencies.

Google has also changed its position when it comes to advertising based on this. Ads for Bitcoin ETFs are now allowed on Google as they would be for any other trading fund or stock. The Bitcoin ETF is spotted by one of the largest investment funds in the world –BlockRock. It will also be the first one to feature ads on Google for its new service.

Paying for Google Services With Crypto

In a move to open its services further for cryptocurrency users, Google has also allowed some of its own services to be bought and sold using crypto as a payment method. At this point, Google’s cloud services and subscriptions are the only ones that users can pay to use crypto.

This is done in cooperation with the Coinbase crypto exchange. The policy goes to show that Google is ready to adapt and change when it comes to crypto but that it chooses to do so gradually and in collaboration with crypto services that are already established and trusted in the industry.

Collaboration with Orderly Network

Google has started a collaboration with a Web 3.0 startup called Orderly Network. This collaboration aims to develop user-friendly developer tools for decentralized finance (DeFi), addressing some of the main challenges within the DeFi ecosystem, including entry barriers and security concerns.

Beyond that, Google has also celebrated important milestones in the world of crypto, such as the Ethereum Merge. This is done via a traditional Google animation that can be found on the home page. All of these collaborations are a clear indicator that Google, as well as the rest of the mainstream tech world, is changing its outlook on cryptocurrencies.

How Will the New Features Affect Users

The overall opinion on the new features is that they will be a positive change for most users. On-chain activity needs to be more accessible now that there are many more cryptocurrency users, and it’s useful to use Google’s vast base of data for that purpose.

Google’s interface is also as simple as it can be, but it has enough features built in for users to dive deep into the data. Privacy concerns are also real, but they affect a smaller base of users, especially those who have been using cryptocurrencies when the public attitude towards them was very different.

Wider Landscape

The changes in Google’s policy and the introduction of new features come at a time when cryptos are gaining ground and being adopted more widely than ever before.

Cryptocurrency awareness and ownership rates have increased to record levels: 40% of American adults now own crypto, up from 30% in 2023. This is over 90 million individual owners. Among current crypto owners, around 63% hope to obtain more cryptocurrency over the next year. The currencies most users are looking to buy are Bitcoin, Ethereum, Dogecoin, and Cardano.

46% of Americans think Bitcoin ETF approvals in 2024 will positively impact the blockchain industry. The rate of crypto ownership by women has surged from 18% a year ago to 29% at the start of 2024.

This change in attitude is also noticeable in the fact that otherwise conservative financial institutions such as pension funds are looking to invest in crypto as well.

Regulation

The increase in adoption and the changing attitude of large companies such as Google has also changed the government’s outlook on cryptocurrencies. It comes in the form of stricter regulations. The EU has already come up with a comprehensive and strict set of laws that will govern the use of crypto in all 27 states.

Chances are that the US will also introduce stricter regulations based on those in the EU. That’s why some companies working in the crypto industries are dreading the wider adoption and moving their base of operation outside the US.

Conclusion

Google has introduced new features for crypto users. It now allows users to search across their crypto wallets regardless of which blockchain networks they are using. The amounts are, therefore, displayed after a single search for all the currencies that you have in your wallet. It’s a user-friendly feature that shows Google is trying to accommodate growing numbers of crypto users.

Google will also allow for Bitcoin ETFs. It’s a change from the previous Google policy towards crypto advertising, as Google was skeptical of crypto and didn’t allow it to be advertised in Google ads.