Google to dive deep into Blockchain and Web3

Google’s parent company Alphabet Inc is keen on supporting blockchain technology and Web3. Alphabet CEO Sundar Pichai revealed that the internet giant is focused on embracing the future of the blockchain industry. 

Google CEO is pro crypto, expresses interest in Web3

Sunder Pichai, CEO of Alphabet, sees blockchain technology as “interesting and powerful.” Pichai was quoted as saying, 

It’s [blockchain technology] something we want to support. Any time there is innovation, I find it exciting. I think it’s something we want to support the best we can.

The CEO of the multinational conglomerate said he closely monitors the blockchain industry. Pichai finds Web3 – a new iteration of the World Wide Web based on the blockchain which incorporates token-based economics – exciting. He confirmed that Google is focused on moving into the Web3 universe. 

Google’s parent company had displayed a pro-crypto stance previously, when in November 2021 the firm invested $1 billion in Chicago Mercantile Exchange (CME). CME is the world’s most diverse derivatives marketplace. 

The two companies agreed on a ten-year collaboration to transform the global derivatives market through cloud adoption. 

At the beginning of January 2022, Google unveiled plans to enable users to store cryptocurrencies in digital cards. By the end of the month, the firm launched an online data storage division to employ blockchain technology and create opportunities for building, storing and supporting cryptocurrency transactions. 

Lory Kehoe, co-founder of Blockchain Ireland, commented on Google’s foray into blockchain and Web3, 

It’s notable [Google] is now setting up a dedicated team with a senior executive. This means it has been made a priority, and they think the time is right to look at this more closely.

In 2020, the overall crypto market capitalization was $1.44 billion, since then it has steadily grown by 12.9% and hit $1.63 billion in January 2022. Analysts believe that with a steady growth, market cap could hit $2.73 billion soon. 

Ankush Jain, a cryptocurrency advocate and partner at Aaro Capital, believes that the volatility of cryptocurrencies presents an opportunity to institutions and firms, in a world where returns across asset classes are depressed. This explains the interest of Alphabet Inc and institutional investors in blockchain technology and crypto.