After disappointment in trying to enter social networking and virtual reality, Google has set its sights on cryptocurrency technologies.
A leaked email obtained by Bloomberg shows Google will focus on “blockchain and other next-gen distributed computing and data storage technologies.”
Google has reportedly appointed Shivakumar Venkataraman to lead the new group. Venkataraman is a veteran of the company and engineering vice president for Alphabet Inc.’s Google. He is said to become a founding leader of Labs.
Bloomberg’s report indicates that the new blockchain unit will sit in Google’s relatively new Labs division, which is home to the firm’s research into virtual and augmented reality.
While other companies like Meta and Twitter are moving into Web3 – an umbrella term for non-fungible tokens, blockchains, and cryptocurrencies – Google has stayed out of public projects.
Google has offered some cloud services to companies working on blockchain technology and is tip-toeing into crypto payments.
Bakkt, a cryptocurrency platform, announced in the fall that its virtual Visa debit card would be accessible for use on Google Pay both online and in stores. Bakkt’s Google Pay support follows Coinbase’s announcement earlier this year that its Coinbase Cards will support Apple Pay and Google Pay.
According to Bloomberg, Google has worked with Coinbase and BitPay to store crypto assets in digital cards while still allowing customers to pay in traditional currencies.
Even though Google has been slower to move into crypto than other tech companies, they are making bigger moves. Google has hired former PayPal executive Arnold Goldberg to head its payment division. The goal is to enable its users’ access to a wider range of financial services, including cryptocurrencies.
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