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12 December 2019

Bitcoin’s ‘Demise’? Google, Bailed-Out Citi Unveil Checking Accounts

Bitcoin’s ‘Demise’? Google, Bailed-Out Citi Unveil Checking Accounts


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For cryptocurrency veterans, the inauspicious history of Google’s choice of banking partner will not go unremarked: on the eve of the 2008 global financial crisis, Citigroup CEO Chuck Prince was still telling journalists that “as long as the music is playing, you’ve got to get up and dance.

As the WSJ noted in its coverage, tech firms such as Google view financial services as a conduit to getting “closer to their users” and acquiring highly valuable data on their transactions and economic behavior.

survey of consumers cited by the WSJ revealed that 58% of respondents said they would trust Google’s financial products — as compared with 35% for Facebook, 56% for Apple and 65% for Amazon

According to WSJ’s report, Google’s project with Citigroup will aim to foreground financial institutions’ brands instead of Google’s — and leave the compliance and financial “plumbing” to the banks. 

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France: Napoleon Bitcoin Fund Launches as First of it’s Kind
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cointelegraph.com
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