The software giant Google’s Labs group has reportedly created a blockchain-focused division. The division will also deal with distributed computing and data storage. Google’s president of commerce, Bill Ready, stated on January 19 that the company was paying close attention to the area.
Google Launches Blockchain Division
Google, one of the world’s largest software corporations, is said to be developing a new blockchain section as part of its Labs division. Shivakumar Venkataraman, a vice president of engineering at Google, will lead the blockchain branch. According to an email received by Bloomberg, the division’s emphasis would be on “blockchain and other next-generation distributed computing and data storage technologies.”
While the corporation has been participating in specific blockchain initiatives, it has been hesitant of being connected with any single cryptocurrency. Under the supervision of the Labs group, the new blockchain section will be devoted to testing these decentralized technologies. The Labs section is an experimental branch that houses all of the AR and VR endeavors, as well as other future innovation ventures. Area 120, a new in-house incubator for initiatives, is also part of the new Google Labs organization.
According to some observers, this move is a reaction to how other businesses, such as Meta (previously Facebook), are expanding to include more of these new advances into their business models.
Google is Getting Closer to Crypto
The company has modified its stance on cryptocurrency, which previously prohibited all cryptocurrency-related advertising from its platform, including initial coin offerings, crypto exchanges, cryptocurrency wallets, and cryptocurrency trading advise.
It has since completed a deal with two cryptocurrency exchanges, Coinbase and Bitpay, to allow clients to keep cryptocurrency in digital cards. However, the company continues to refuse to accept bitcoin payments. Last year, the business also announced a collaboration with Bakkt, a digital platform, to allow users to spend cryptocurrency on the Google Pay platform using its card.
Bill Ready, Google’s head of commerce, spoke about the company’s vision for cryptocurrencies and their potential applications. Ready stated at the time:
“Crypto is something we pay a lot of attention to. As user demand and merchant demand evolves, we’ll evolve with it.“
Recently, the company hired a former Paypal executive, Arnold Goldberg, to help add new services to its platform, including cryptocurrencies.