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Google formed a web3 team in order to explore and use the bigger market potential so let’s have a closer look at our latest cryptocurrency news today.
The customers were asking for more support in Web3 and crytpo-related tech as the Google Cloud VP Amit Zavery explained. It didn’t take long since now Google formed a web3 team there months after Alphabet Inc said it was looking actively in the Web3 space and the cloud computing unit formed a team. The vice president at Google Cloud told employees that the idea is to make the company’s cloud platform the choice among developers:
“While the world is still early in its embrace of Web3, it is a market that is already demonstrating tremendous potential with many customers asking us to increase our support for Web3 and Crypto-related technologies.”
Web3 refers to the next generation of internet applications that focus on decentralization that will allow users to retain control of their data. The Google Team will work on the back end services for developing and creating Web3 applications. During the 2021 Q4 earnings call of Alphabet, the CEO Sundar Pichai said that the cloud team will be just one way that the company positions its business to compete in the blockchain industry. Pichai added:
“On Web3, we are definitely looking at blockchain and such an interesting and powerful technology with broad applications, so much broader again in any one application. So as a company, we are looking at how we might contribute to the ecosystem and add value. Just one example, our Cloud team is looking at how they can support our customers’ needs in building, transacting, storing value, and deploying new products on blockchain-based platforms.”
The company was considering how it fits into the crypto space for a while now. Back in January, Google hired Arnold Goldberg as a former chief product at PayPal to lead the payments division. He still worked in the company when he announced that the customers can be able to use their accounts to buy BTC and ETH. The Google president of Commerce Bill Ready said:
“Crypto is something we pay a lot of attention to. As user demand and merchant demand evolve, we’ll evolve with it.”
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