Alphabet Goes Crypto?
Google is preparing to make its long-awaited entry into the crypto-sphere. The company is tasking engineering Vice President Shivakumar Venkataraman to lead the division under the ‘Labs’ group.
Bloomberg obtained an internal email last month that indicated the division is set to focus on “blockchain and other next-gen distributed computing and data storage technologies.”
The move comes as other big tech corporations like Meta continue to shift towards blockchain tech. Google already services blockchain companies like Hedera, Theta Labs, and of course Dapper Labs.
The Labs group is a division within Google that serves to put forward the many new innovative tech the company plans on rolling out. The division focuses on augmented reality and virtual reality and also hosts other projects like its in-house incubator Area 120.
It is expected that any initiatives to shift towards accepting cryptocurrency payments from end-users will come from within this division.
“On web3, we are definitely looking at blockchain, and such an interesting and powerful technology with broad applications, so much broader, again, than anyone application,” Sundar Pichai explained during the company’s Q4 earnings call in early February.