Google creates laboratory to expand investments in blockchain and Web3

According to an internal email that circulated within the company and was accessed by Bloomberg, the division called Labs will be led by Shivakumar Venkataraman, VP of engineering. In addition, the new venture will also focus on other decentralized technologies.

The objective, according to the email, is to expand Web3’s initiatives with prototypes and concept tests.

It is possible that the company will also explore the metaverse, following the example of countless other technology companies. That’s because the lab includes an internal incubator for Augmented Reality and Virtual Reality projects.

Google and cryptocurrencies

As mentioned, Sundar Pichai, CEO of Alphabet, had already advanced that the company had its eye on decentralized technologies.

“So as a company we are looking at how we can contribute to the ecosystem [Web3] and add value”, he said.

Web3 refers to the “future” of the internet, which is already under development. Its focus is on decentralization – enabled by blockchain – and user-developed content. The idea is that people can use the internet without giving up their data.

While he did not provide precise details on how the company intends to adopt the technology behind cryptocurrencies, Pichai exemplified how the cloud team is exploring the possibilities of these disruptive technologies:

“Just one example, our cloud team is looking at how they can meet the needs of our customers in building, transacting, storing value and deploying new products on the blockchain-based platform (…) So we will definitely be watching the space closely. and supporting him where we can.”

But this isn’t Google’s first foray into the crypto market. Recently, as reported by us, Google has concluded a partnership with Coinbase and Bitpay to enable cryptocurrency custody in digital wallets.

Before that, in 2021, the company entered into a partnership with Bakkt, to expand its technology and cryptocurrency offering.