The race to Web 3 and Metaverse got a bit more interesting, with tech giant Google officially dabbling into blockchain technology.
According to reports, Google’s parent company Alphabet has appointed Shivakumar Venkataraman, Alphabet’s engineering vice president, to head a unit focused on blockchain and other advanced distributed computing and data storage technologies.
This move coincides with the hiring of former PayPal veteran Arnold Goldberg who will head Google’s payments division. This is part of a broader strategy to connect with a more comprehensive range of financial services, including cryptocurrencies.
What’s Up With Google?
Earlier in January 2022, Google Cloud announced a partnership with CryptoWire to develop a blockchain ecosystem.
CryptoWire is a global crypto app that is a special business unit of TickerPlant.
This partnership will serve all crypto and blockchain industries on a single platform.
Here’s what will come out of the partnership:
- CryptoWire’s knowledge portals, CryptoTV and Crypto University, will provide technology and knowledge-intensive global intervention in the crypto asset and blockchain ecosystem.
- TickerPlant will use Google Cloud’s scalable, reliable, and high-performance data management infrastructure to build and expand CryptoWire’s applications.
- CryptoWire will explore Google Cloud’s advanced solutions, including smart data analytics, machine learning, and artificial intelligence, to deliver a superior customer experience.
Google Closer to Crypto?
Perhaps, the most exciting news about Google’s new venture is the possibility of Google Pay bringing popular cryptocurrencies like Bitcoin and Ethereum to its platform.
So far, this is just speculation, with no hard evidence but looking at the developments at Alphabet’s headquarter, Google Pay might tie itself with cryptocurrency soon.
Alphabet’s decision to create a separate unit dedicated to blockchain projects and hire Arnold Goldberg to run its payments division has caused quite a stir with rumours of Google Pay moving into the crypto space.
To further pique the “rumour”, Google’s head of commerce commented, “the move is part of a bigger strategy to team up with a wider range of economic suppliers, including cryptocurrencies.”
This decision could be the new path Google wants to take after shelving the Google Plex project in October 2021. The company hoped to provide a digital checking and savings solution using Google Plex.
But now, it appears that they have chosen to go the cryptocurrency route instead. Google Pay’s crypto conversion could be crucial in the company’s future development.
While it’s unclear whether Google Pay will support cryptocurrencies or create a sister app for them, the company’s interest in crypto and blockchain cannot be denied.
If the rumours are true, the adoption of crypto by online payment portals such as Google Pay will undoubtedly be a huge win for the crypto market.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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