As part of its Labs department, Google, one of the world’s largest software businesses, is apparently developing a new blockchain section. Shivakumar Venkataraman, a Google engineering vice president, will lead the blockchain division. According to an email received by Bloomberg, the division will work on “blockchain and other next-gen distributed computing and data storage technologies.”
While the corporation has been involved in several blockchain projects, it has avoided being linked to any cryptocurrency in particular. Under the Labs group’s umbrella, the new blockchain branch will focus on experimenting with these decentralized technologies. Labs is an experimental branch that houses all of the AR and VR work as well as other future innovation ventures.
Area 120, a Google Labs in-house incubator for initiatives, is also part of the new Google Labs group.
Some observers perceive this move as a response to how other companies, such as Meta (previously Facebook), are expanding their business models to embrace more of these new advances.
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. In order, 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. Of course, 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.”
In addition, the company recently announced the hire of Arnold Goldberg, a former Paypal executive. That’s, as part of a push to embrace new services in its platform, including cryptocurrencies.