Crypto Pirates

Robert Torres, CEO of Aetherius, and Ruben Rivera, Co-Founder, have announced the introduction of the Aetherius Token, the first cryptocurrency that will allow each investment to participate in the mining process. Aetherius, the only cryptocurrency backed by a crypto mining farm, seeks to offer its investors with the infrastructure and support they need to become miners.

Aetherius' fundamental tokenomic structure consists of 38% presale, 18% LP, 18% Rewards, 4% team tokens that are locked for 6 months, 2% marketing tokens that are locked for 6 months, and 20% that will be burnt in 15 various events. The purchase and sale tax is 9%. 3 percent is for holder reflection, 3 percent is for liquidity, and 3 percent is for marketing. The token's maximum supply is 100 billion.

The Aetherius coin is unusual in that holders can lock their assets for three, six, or twelve months in exchange for an APY ranging from 60 to 120 percent. With over 67 percent of the total supply (over ten million USD) already locked by users, Aetherius can prevent any large dumps. They handle KYC and have one of the industry's top security audit ratings - 91 percent. Aetherius has enough spending power without having to sell tokens because 10% of their mining profit goes to marketing and the mining farm generates consistent revenue.

Aetherius' marketing approach includes collaboration with prominent Twitter and Telegram influencers, AMA sessions throughout the world, ads on Coingecko, Coinmarketcap, and BSC Scan, as well as organic marketing. Aetherius is set to be listed on Hotbit, Kucoin, and Bitmart. The developers are working on offering multichain support with Ethereum, Polygon, and Avalanche.

Aetherius is the first cryptocurrency to be backed by a crypto-mining farm, with the goal of encouraging all of its investors to participate in mining.

Support us!

According to a Financial Times report, Erik Thedéen, vice head of the European Securities and Markets Authority, believes the European Union should prohibit proof-of-work mining for bitcoin.

Instead, European regulators should emphasise proof-of-stake mining over the more energy-intensive proof-of-work mining, he told the Financial Times.

"We need to have a dialogue about transitioning the sector to a more efficient technology," Thedéen added.

The vice chair advocated for a bloc-wide ban on proof-of-work mining, claiming that it has become a "national issue" in his native Sweden because to the vast amount of renewable energy it consumes. According to Thedéen, the energy-intensive work impedes climate goals and diverts resources from other projects.

"The solution is to outlaw proof-of-work," he says.

Proof-of-stake, the less energy-intensive option, requires users to put up cryptocurrency as collateral in exchange for the ability to successfully approve transactions.

Proof-of-work forces participants to expend significant computational resources and energy in order to generate new blocks on the blockchain. It is a more secure way, but it uses more energy.

The amount of energy required to mine for bitcoin and other currencies via proof-of-work mining is still a source of contention. Elon Musk announced last year that Tesla will no longer accept bitcoin payments, citing the network's high energy consumption.

Tesla would resume accepting bitcoin as a payment method after mining uses 50 percent renewable energy, he stated, adding that crypto "is a terrific idea... but this cannot come at a high cost to the environment."

Support us!

NFTs have been chastised for "killing the world," a contentious issue that should be resolved when Ethereum switches consensus mechanisms this year, reducing the impact on the environment.

Real-world assets, on the other hand, are being destroyed as their owners replicate them using NFTs in the expectation of selling them for greater money.

It's a bad habit that needs to be broken.

The first notable example was NFT platform Burnt Finance, which really burnt a certified Banksy piece named Morons before replicating it as an NFT and selling it for $400,000 – four times the physical artwork's worth.

The owner of a Jean-Michel Basquiat drawing then offered an NFT of the artwork for sale, with the option of destroying the original if the buyer so desired. Fortunately, this was cancelled after the estate stated that the owner lacked the rights to construct such a derivative piece.

Natasha Che, the founder of audiobook platform MySoundWise, tweeted a few months later: "If you make an NFT of a real diamond, and the diamond itself is destroyed in a fire tomorrow, you still have the same asset." Che set out to accomplish exactly that after much mocking of the idea. She paid $5,000 for a diamond, broke it with a hammer, and sold an NFT of it for $17,600. (However, the judgement is still out on whether this supported her thesis.)

While there haven't been many victims of this tokenization tendency, the concept is still alive and well. The most recent plan is to destroy a valuable book, which has undoubtedly raised some eyebrows.

Dune is a rare copy of the book

According to Buzzfeed, in November 2021, NFT collector Soban Saqib spent $2.9 million on a rare copy of the novel Dune — one that was offered in order to market the notion of converting it into a screenplay. He did so on behalf of SpiceDAO, a group of cryptocurrency aficionados pooling their finances in a similar manner to the proposal to purchase an early copy of the United States Constitution.

The purchase piqued the group's interest, and they had huge plans for it. They planned to make the book available to the public, create an animated series based on it, and fund community-driven derivative projects based on it.

There was only one problem: they owned the book but not the copyright. This suggests that the group will struggle to implement any of the three ideas offered.

While the organisation appears to be moving forwards nonetheless, one of its members has given an alternative solution (although one not necessarily void of the same problems).

He intends to destroy the book, as you may have surmised

A strategy has been devised to burn the book.

The idea was offered by a former electrical engineer who goes by the alias Xatarrer. They are well-known for attempting to upload a 1 MB image to the Ethereum blockchain via a series of progressive uploads (with each successive image improving in quality). A project that has gotten about 25% of the way there thus far.

Xatarrer wishes to apply a similar concept to the Dune novel. Except, unlike other NFTs, which merely save URLs to images kept elsewhere on the web, they intend to upload photos of every page of the book to the Ethereum blockchain in its entirety.

It's unclear how many pages are in the book, but Xatarrer thinks that each page will cost 18 ETH ($56,000) in transaction fees. So, if the book had 200 pages, the NFTs would cost $11.2 million.

Once the complete book has been uploaded on the blockchain, it will be accessible to anybody. This would include all of the pages, which would be slightly more than what is currently available online (uploaded to simply the regular web), but not by much, raising the question of whether it's really worth it.

The book might then be destroyed as a "great marketing gimmick," according to Xatarrer, with the purpose of increasing the value of the book's on-chain photographs.

They told The Block that in the DAO's early days, many members joked about doing this, and he thought he'd make a serious suggestion with the option of burning the book. "On-chain storage, in my opinion, is more likely to survive than the physical object itself. It also fits well with a science fiction book "They stated.

Only the proposal was not well received.

"And we're wondering why people despise cryptocurrency." "I'm ashamed to have allowed someone to even consider doing this," Ethereum tech head Péter Szilágyi remarked.

Lefteris Karapetsas, the creator of the Rotki app, concurred. "We non-normies here think this is a pretty horrible decision," he remarked. Some of the information you present in your post is truly cool. Don't muddy it by actually destroying a physical copy of the book."

With this opposition, it appears that the idea to burn the book is unlikely to gain traction. "It states in the proposal, and so far the sentiment is fairly negative, so I don't think you need to worry about the book," Xatarrer remarked.

So, for the time being, the rare relic should be protected.

Perhaps what should be eliminated instead is the mentality of burning rare artefacts like books in the hope of making a little extra money.

Support us!

At the best of times, the world of cryptocurrency can be perplexing and difficult to navigate. And, unfortunately, there are a number of individuals out there attempting to profit from the misunderstanding through 'pump and dump' schemes.

I'm going to explain all you need to know about these scams, including how to avoid them and why high-profile celebrities like Kim Kardashian and Floyd Mayweather Jr. fell for them.

What is a crypto pump and dump scheme?

A pump and dump scheme involves intensively marketing an asset (sometimes with bogus benefits) in order to artificially inflate its price. Individuals are urged to invest their money and acquire the asset. Then, as the value increases dramatically, those promoting or possessing a significant position sell their interests, precipitating a price crash.

'Pump and dump' is one of the most vulgar-sounding words in finance, and it is not limited to cryptocurrency scams. There have been numerous instances of this occurring with common stocks. That said, it is significantly less prevalent and is most frequently seen in penny stocks.

Another common cryptocurrency fraud is the 'rug pull,' which operates in a slightly different manner. While a pump and dump operation results in some liquidity after fraudulently inflating an asset, a rug pull operation results in the entire disappearance of a project. And the project's creators keep everything!

How can you avoid financial loss in a pump and dump situation?

Co-founder of Crypto Head, Adam Morris, provides his top five advice for avoiding pump and dump schemes:

1. Be suspicious of large returns

If something appears to be too good to be true, it most likely is. As a result, always conduct additional research into any platforms or initiatives offering absurd returns. The same is true for people who promote a scheme as a surefire method of earning money.

2. Avoid celebrity counsel

Celebrities frequently possess highly specialised talents or abilities. However, it is uncommon for a celebrity or influencer to be an expert in personal finance or investing.

If you're seeking for reliable financial advice, it's best to stay away from boxers and reality television personalities. Rather than that, consult a financial consultant or conduct research at a reputable source – such as The Motley Fool!

3. Make use of a reputable exchange

If you invest in digital assets, always choose a reputable exchange. If you want to keep your cash safe and secure, avoid sending money or bitcoin to unknown platforms.

4. Take into account an offline wallet

Using an offline Bitcoin wallet, for example, can help keep your coins secure. Along with making it more difficult for hackers, the increased protection may help lessen the likelihood of being duped into an enticing scheme.

5. Comprehend cryptocurrency investment

If you are unable to explain the operation of an investment in a few phrases, consider an alternative. The lack of awareness surrounding even some of the most well-known cryptocurrency ventures renders individuals susceptible to scams.

This is also true when purchasing stocks or any other type of investment. You should always be completely aware of what you're investing your money in.

Why are celebrities endorsing cryptocurrency frauds?

Certain celebrities will go to any length for a little money. Others will advertise things without understanding how they work. This has a perilous consequence when considering the influence celebrities wield when advertising directly through social media. Adam Morris discusses a recent instance of a crypto pump and dump.

"In this scenario, you have celebrities such as Kim Kardashian, boxing star Floyd Mayweather Jr., and basketball legend Paul Pierce making incorrect or deceptive remarks about EthereumMax. These three celebrities collectively have tens of millions of followers on their various social media platforms.

"If employed by celebrities and famous persons, this might result in millions of dollars in profit for them while resulting in massive losses for everyone who invested."

Support us!

Striking a balance between individual empowerment and broad market usability.

There was some consternation last week in the Web 3 community when a new protocol, DeSo, announced a change to its user login flow. Previously, the decentralised media service required users to enter their "seed phrase" into the project's web interface, which violated all commonly acknowledged best security standards and drew widespread industry condemnation.

"While Chrome extensions such as MetaMask are more secure, they will never be installed by the majority of popular users. Rather than lecturing our users about security best practises, we took a new approach: We met them where they are today," remarked Nader Al-Naji, DeSo's creator. The team discovered, however, that they had not met consumers who had been told that "10% of people quickly lost their seed."

Jill Gunter is a columnist for CoinDesk and a venture partner at Slow Ventures, where she invests in early-stage cryptocurrency and Web 3 startups. Additionally, she is a co-founder of the Open Money Initiative, a non-profit research group dedicated to ensuring everyone's right to a free and open financial system.

To remedy this issue, DeSo now allows users to backup their seed phrases automatically to Google Drive from within the application. If anything, this is more insecure than their initial login flow.

When it comes to seed phrases, it is widely understood that they should never be stored on any device that is connected to (or has ever been connected to) the internet. These 12-, 18-, or 24-word phrases help users to recover monies kept in a digital wallet if they lose or replace the device on which they accessed their cash. Seed phrases are so delicate because they enable anyone with knowledge of their magic words to obtain access to the assets linked with them.

The majority of cryptographic and Web 3 applications recommend users to write down their seed words and keep them secure, such as in a bunker or physical safe deposit box. Inform no one. The conventional thinking is that you should not store the phrase in an online password manager, much less in your Google Drive. Additionally, never insert your seed phrase into a website form, as this may result in a phishing attempt.

And yet, my interactions with a variety of crypto and Web 3 users indicate that few embrace this understanding. It's natural to sympathise with DeSo's plight.

I've received numerous letters from people who just dabble in cryptocurrency, pleading with me for assistance in recalling "what 12-word sentence" they might have used to back up the bitcoin wallet they established in 2017. (Note that, unlike a password, users do not choose their seed phrase; it is produced for them.) Which adds another layer of complexity and perplexity for consumers to overcome.)

I've seen seed words scribbled in notebooks left in backpacks beneath the bar counters at crypto conferences. I've provided customer service for crypto projects and received messages from users requesting assistance with their private keys (despite my warnings not to). In Discord conversations, I've seen folks post their private keys. I discovered 24 words scribbled on a Post-It note in the bottom of a purse I frequently used a few years ago only a couple of weeks ago. I doubt I'll ever discover which wallet it's associated with.

With these facts and experiences in mind, it's tempting to shrug and conclude that perhaps DeSo is correct. For the average user who is dabbling in Web 3 for the first time, it may be prudent to keep seed phrases in a location such as Google Drive. It's preferable there than in a sock drawer, isn't it?

The issue is that, while the stakes for the average user in storing their keys in Google Drive are minor now, the implications may become monetarily significant down the road. Each year, it appears as though the media becomes fascinated on another poor sap who purchased bitcoin in 2011, earned hundreds of millions of dollars, but misplaced their seed phrase and is unable to access their funds (the guy who lost half a billion in a dump in Wales comes to mind).

While DeSo users who keep their seed words in Google Drive will not lose track of them, they will need to be concerned about their Google account becoming a target for hackers. If a large number of early users of the protocol do become wealthy as a result of the assets they have stashed within the DeSo system, Google Drive will suddenly become a massive honeypot for them all. This is harmful for users — and one that DeSo, presumably, wishes to avoid.

There is an even more serious issue with DeSo's approach for the sector. It teaches consumers to engage in risky behaviours without clearly communicating the hazards. DeSo is not informing users or reducing the dangers they are requesting. DeSo is essentially cutting corners and developing undesirable behaviours that users will carry over to other Web 3 applications.

The user experience associated with accessing and engaging with crypto continues to be an unresolved issue. Web 3 and cryptography almost inherently require users to assume greater responsibility while interacting with the internet. The duties and challenges extend far beyond the seed phrase storage issue. Numerous ardent crypto enthusiasts advocate for users to run their own nodes for the protocols with which they interact. Users are frequently required to browse block explorers in order to access transaction information, wrap and unwrap assets according to various token standards, and, of course, deal with exorbitant, opaque, and unpredictable fees. 

Much of crypto contradicts what consumers have been conditioned to expect and feel comfortable with on the Web 2. With Web 2's trustworthy, free, and frictionless applications, users may port between devices that open and unfold with a single glance or a buzz on a wristwatch, and frequently without providing a password. This is in stark contrast to Web 3 and its device-centric, security-conscious experience, which requires users to navigate opaque routines, frequently with little teaching or instruction built in the product.

And it is here that a critical component of the user experience solution is found: education. We should not regard users with such contempt that we feel compelled to cut shortcuts for them, as DeSo does. After all, one of crypto's central tenets is the empowering of the individual. Inform users of their alternatives and related hazards (including, indeed, the option of saving a seed word on Google Drive), and let them to make their own choice.

When I consider the Web 3 user experience today, I am frequently transported back to my earliest memories of using a computer and the internet. As a 5- or 6-year-old, I recall watching as my uncle set up a Gateway computer in our family room for my parents and connected us to dial-up internet for the first time. He was use a variety of vocabulary that would become commonplace to us all over the next decade, but was clearly alien and unsettling to my parents.

The terms "operating system," "modem," and "IP address" all refer to the same thing. I recall my parents sharing an atmosphere of mistrust and tiredness after my uncle left that day. As though they were thinking, "There is no way we will ever be able to use this."

However, we have all found it out! The common computer user may be unable to explain precisely and technically accurately the purpose of an operating system on their computer, why a modem is required, or how an IP address is generated. However, billions of people have discovered how to upgrade an operating system, connect to a modem, and connect to Wi-Fi networks. While some of this is due to user experience innovation, much of it is due to user education mixed with strong incentives for users to catch up. Once I saw what that old desktop computer connected to the internet could do for me, I made it my mission to learn all I needed to operate it. Neopets and America Online were sufficient motivation for me to figure it out in its entirety.

The same is true of cryptography and Web 3. Concerns about consumers baulking and churning at the idea of downloading a Chrome plugin or safely storing a 12-word phrase will fade for product creators with a strong enough value proposition. That is not to mean we should abandon efforts to improve these encounters. That is to say, we should not assume that we must take excessive efforts to save money aboard users. We owe them more than that. And if making corners is necessary to get users to purchase your goods, you may want to reconsider if your product genuinely provides adequate value.

Support us!

Mark Cuban, the billionaire investor, had a defining moment when he decided to go all-in on Bitcoin.

"I have always been interested in bitcoin, its pricing, tokens, and cryptocurrencies," Cuban told Miami Mayor Francis Suarez on Monday during The North American Bitcoin Conference. "However, what really got me into it was when I minted my first NFT around a year ago."

Nonfungible tokens, or NFTs, are one-of-a-kind digital assets. Minting an NFT is the process of converting an asset into a blockchain-based token. It enables NFT owners to demonstrate ownership of the asset while also allowing them to sell it if desired.

Cuban saw an enormous possibility to make royalties on secondary sales of his NFTs.

"The ability to take a digital file — music, video, or image — and not only mint it for sale, but also attach royalties to it, I'm like, 'How did you do that?' Because you cannot do it with actual items," the "Shark Tank" investor and Dallas Mavericks owner explained.

Cuban did some additional research and discovered smart contracts, which are collections of code that execute a set of instructions on the blockchain. Smart contracts are critical for NFTs and other crypto projects, such as those involving decentralised finance, or DeFi. "That is extremely disruptive to me," he stated.

"While NFTs are hot right now and everyone is talking about them, they are really more of a proof of concept for what smart contracts and decentralisation can accomplish," Cuban explained to Suarez.

Cuban now refers to himself as a crypto "evangelist," he explained. He is an outright bull on the space, with a cryptocurrency portfolio that includes a variety of digital coins, NFTs, and stakes in numerous blockchain startups.

Support us!

Web3 fanaticism is growing by the day, owing to the fact that the digital infrastructure that surrounds it continues to take shape. This has resulted in a number of actors from the current internet era allocating resources to the same in an attempt to remain relevant during this transformative moment.

Opera, the firm that created the eponymous Internet browser, has taken the most recent step in this direction. In a press statement earlier today, it announced plans to launch a "Crypto Browser Project." The browser's beta version has already been made available for download for Microsoft, Android, and Mac users, it added.

By supporting decentralised apps (dApps), blockchain games, and the metaverse, the browser is aimed at integrating Web3 into the Opera ecosystem. While the browser will retain the existing browser's emphasis on security, it will also have direct access to decentralised exchanges (NFT) and gaming decentralised applications (DApps), as well as support for Telegram and Twitter.

According to a statement by Opera's EVP Mobile, Jorgen Arnesen, the browser is intended to speed mainstream adoption of the blockchain ecosystem by addressing both "the crypto-native and the crypto-curious." Additionally, it stated.

"Opera's Crypto Browser Project aims to provide consumers with a more straightforward, quicker, and secure Web3 experience. It streamlines the Web3 user experience for mainstream users, which is frequently perplexing. Opera believes that for the decentralised web to fulfil its full potential, Web3 must be simple to use."

The browser's primary focus is on Opera's own growing cryptocurrency wallet. It now supports both fungible ERC-20 and non-fungible ERC-721 standards, with ERC-1155 scheduled for release in Q1 of this year. The wallet's users can purchase cryptocurrencies using the wallet's built-in fiat-to-crypto onramp, trade cryptos, and even check their wallet balance and gas fee.

The integrated wallet will initially support Ethereum, before expanding to include Polygon, Solana, Nervos Network, Celo, and naming systems such as Unstoppable Domains, Handshake, and the Ethereum Name Service. In recent years, the corporation has formed a number of joint ventures in this area.

Its long-awaited integration with Polygon is scheduled to occur in the first quarter of 2022, as the browser anticipates scaling concerns would eventually surface. This will enable over 80 million Opera users globally to use dApps.

The popular browser is not the only one that has updated its appearance to align with current web trends. Facebook, the social media giant, went so far as to rename the business Meta last year, reflecting the corporation's expanding goals outside social media.

Support us!

Here is the cryptocurrency that has investors abuzz today.

Today's crypto market has been pretty placid in comparison to the stock market. However, one token that is now causing a stir on Twitter is Shibnobi (SHINJA). SHINJA is currently up more than 13% on strong volume and investor interest.

Shibnobi, another Shiba Inu-inspired token, claims to be the "world's most lethal Shiba." Essentially a Shiba Inu dog dressed as a ninja, this token is a marketing and creative triumph.

The conversation on Twitter has shifted to this token, which is now two months old. After originally experiencing a surge in value following its introduction, Shibnobi has lost the majority of its gains as investors reassess the meme token space. Shiba Inu (SHIB) and Floki Inu (FLOKI) have also experienced a decline.

Is this latest Shiba Inu-inspired token capable of parabolic growth? The future will reveal. However, let's take a closer look at what makes this ninja-themed cryptocurrency so intriguing.

What Is Currently Happening With Shibnobi and SHINJA Crypto?

Interestingly, today's price activity for the majority of meme tokens has been quite subdued. The markets are turbulent, as inflation predictions and concerns about interest rate hikes continue to rise. This has often resulted in a risk-averse climate that has been unfavourable to huge value runs for meme tokens.

However, Shibnobi has gained considerable attention due to the unique principles of this meme token. In comparison to other famous meme cryptos, Shibnobi has the potential to be deflationary. This is a positive development from a tokenomics standpoint. Additionally, Shibnobi has been working on developing its own blockchain, dubbed Kusari. This will purportedly include a multi-chain exchange (DojoSwap) between Ethereum (ETH), Binance (BNB), Cronos (CROWN), and Polygon (CROWN) (MATIC).

Thus, it appears as though this token has some intriguing potential fundamentals. As an early stage enterprise, it is unknown whether these claims will be fulfilled. However, speculators appear to be willing to invest at least a tiny portion of their risk capital in this coin today. As such, the SHINJA cryptocurrency may be a fascinating micro-capitalization token for traders to keep an eye on for the time being.

On Low-Capitalization, Low-Volume Cryptocurrencies: InvestorPlace does not publish regular comments on cryptocurrencies having a market capitalisation of less than $100 million or daily trading volume of less than $100,000. This is because these "penny cryptos" are commonly used by scammers and market manipulators. When we do post comments on a low-volume cryptocurrency that may be impacted by our analysis, we require that InvestorPlace.com's writers mention this fact and alert readers of the dangers.

Support us!

On Tuesday, authorities in Singapore, a supposedly crypto-friendly country, ordered that crypto ATMs across the country be shut down. 

The two largest crypto ATM operators in the city-state, Daenerys & Co. and Deodi Pte, were forced to comply with the Monetary Authority of Singapore's (MAS) directive, which they termed as a 'unexpected surprise.' 

The MAS stated that it has "consistently advised the public that trading digital payment tokens...is extremely dangerous and unsuitable for the general public" and that "the public should not be encouraged to engage in DPT trading." 

"In response to the abrupt statement, we have suspended offering purchase or sell services through our ATMs while we seek clarification from the MAS," a Daenerys representative said. 

Users can continue to purchase cryptos despite the restrictions, but their purchases will be more careful and less impulsive. 

Why is Singapore suddenly cracking down on cryptocurrency ATMs? 

According to reports, the crackdown is part of a bigger push by Singapore's watchdog to control cryptocurrency advertising to the general public. On Monday, the central bank issued fresh instructions prohibiting cryptocurrency firms from advertising their services in public spaces, on websites, and on social media. 

However, the action is strange for a country that many believe is crypto-friendly. Coincub, a Singapore-based fintech firm, named Singapore the world's most crypto-friendly country in December, citing the city-"favourable state's legislative climate" and "rapid rate of cryptocurrency acceptance." However, it appears as though something is going to change. 

It's worth noting that Singapore's crackdown on cryptocurrency comes on the heels of similar restrictions on advertising in Spain and the United Kingdom. The Spanish government mandated on Monday that cryptocurrency businesses submit advertising campaigns for regulatory clearance ten days in advance, while the United Kingdom initiated a review of cryptocurrency advertising standards, threatening to tighten down on products with fraudulent claims.

Support us!

According to Bloomberg, Google wants Google Pay to function more like a wallet than a payment tool.

What you should know

* Following the cancellation of Google Pay's Plex banking plans, Google is hiring new executives and pursuing a fresh approach to fight with Apple Pay.

* Google Pay will evolve into a "complete digital wallet" with a stronger emphasis on non-payment applications such as vaccine passports.

* Google has worked with cryptocurrency businesses to integrate digital currencies into its services, but does not currently accept cryptocurrency payments.

According to analyst Tom Noyes, Google Pay will process just 4% of contactless payments in the United States by 2020. Additionally, Google abandoned plans to offer Plex banking accounts directly through Google Pay late last year.

According to Bloomberg, Bill Ready, Google's head of business, stated that "we have no aim of becoming a bank" and that any efforts to do so were made "inadvertently." Rather than that, it has broader ambitions to become the "connective tissue for the entire consumer finance business," which implies that it will eventually work with other institutions.

Additionally, Ready indicated to Bloomberg that Google Pay's future plans may include cryptocurrency. "We pay a lot of attention to cryptocurrency," he told the outlet. "As user and merchant demand evolves, we will adapt."

For the time being, users can store Bitcoin or other cryptocurrencies on digital cards but cannot use them to make in-person purchases. Clearly, if enough businesses accept bitcoin to justify Google investing in the infrastructure necessary to process crypto payments, Google will accept it.

For the time being, Ready says, Google Pay will focus on becoming a "complete digital wallet" for storing information such as immunisation passports and tickets. The fact that Google changed Google Wallet to Google Pay in 2018 adds an ironic twist to this shift in priorities.

Google Pay's leadership structure will be restructured as part of these new objectives. Arnold Goldberg, a former PayPal executive, has been named as Google Pay's new vice president and general manager of its payments section. He will lead a new programme called "Next Billion Users" (NBU); one has to love Google's New Year's resolution's audacious branding.

Additionally, Google promoted engineer Peeyush Ranjan, who was instrumental in growing Google Pay's popularity in India, to general manager of its wider worldwide operations.

For the time being, Google Pay contactless payments will continue to be supported on a broad variety of smartwatches. However, its new management are expected to make some eye-catching Google Pay announcements in the near future.

Support us!