News: According to a leaked email received by Bloomberg, Google is creating a new unit dedicated to blockchain and other next-generation distributed computing and data storage technologies.
The blockchain unit is led by Google’s longtime veteran Shivakumar Venkataraman and belongs to Google’s relatively new Labs division. This division is also the center of the company’s research on virtual reality and augmented reality.
Key Context: Global spending on blockchain is projected to reach nearly $ 17.9 billion in 2024, with a five-year combined annual growth rate of 46.4%. As interest in technology grows, Big Tech is increasingly testing water for payment use cases.
Meta (formerly Facebook) is struggling to get the cryptocurrency Diem on track. In mid-December, we launched the Novi-WhatsApp link using stablecoinPaxDollar instead of Diem. Twitter is experimenting with encryption tips and NFTs. Amazon operates a managed blockchain service that helps clients interact with public blockchains such as Bitcoin and Ethereum, and extend their own private networks.
Google slowly entered the cryptocurrency and blockchain: perhaps fearing the regulatory blow that it wasn’t really needed, Google banned cryptocurrency wallet ads from its ad network until August 2021. He resisted accepting cryptocurrency payments for its products and services.
But this week, when discussing future plans for Google Pay, Google’s commerce president, Bill Ready, told Bloomberg that the company would partner with a wide range of financial services providers, including cryptocurrencies. Over the past year, Google has partnered with several crypto companies in payments.
In April, Google Pay announced a partnership with Gemini. This allows users of cryptocurrency exchanges to purchase Bitcoin through Google Pay using the fiat currency of their debit or credit cards. In June, technology giants partnered with Coinbase, allowing exchange customers to use their Coinbase ZCard to pay for goods and services through Google Pay. Users can also earn up to 4% crypto rebate. In October, the partnership with Bakkt allowed exchange customers to purchase goods and services using certain cryptocurrencies through their Google Pay wallet.
Why this is important: It’s too early to determine if Google’s blockchain efforts are research-oriented with the goal of strengthening the infrastructure that meets the needs of large networks and storage.
But when we talk about blockchain, we inevitably come up with a scenario where Google develops its own cryptography. Google can deploy blockchains that directly compete with the JPMorgansOnyx project. Alternatively, Google’s blockchain can run platforms for metaverses such as decentraland projects that are already in use, such as Decentraland and The Sandbox. All of these moves will be in line with 2022’s prediction that tech giants will continue to make big moves in financial services and beyond, without being bound by Plex’s surprises.
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