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Software giant Google has reportedly opened a new blockchain-based division within its Labs group. The division will also handle other distributed computing and data storage technologies. While the company has been wary of being associated with any form of cryptocurrency, Google commerce president Bill Ready said on Jan. 19 that they are very focused on the space.
Google goes to blockchain
Google is reportedly one of the largest software companies in the world emission A new blockchain division as part of its labs group. The blockchain unit will be led by Shivakumar Venkataraman, Google’s VP of Engineering. According to an email obtained by Bloomberg, the unit will focus on “blockchain and other next-generation distributed computing and data storage technologies.”
While the company is involved in certain blockchain projects, it has been very wary of being associated with any cryptocurrency. The new blockchain unit will conduct experiments in these decentralized technologies under the umbrella of the Labs Group. laboratory is an experimental division that brings together all AR and VR work and other potential projects in the tech space. The new Google Labs group also includes an internal incubator for a project called Area 120.
Some analysts see the development as a response to how other companies like Meta (formerly Facebook) are incorporating more of these new developments into their business models.
closer to cryptocurrencies
The company’s stance on cryptocurrencies is nuanced, even prohibit All cryptocurrency-related advertising, including initial coin offerings on its platform, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice, have changed.
Thereafter, it is completed with Coinbase and Bit payment, two cryptocurrency exchanges, including allowing customers to store cryptocurrencies on digital cards. However, the company still does not accept cryptocurrency transactions.In addition, last year, the company signed a partnership Partnership with digital platform Bakkt to allow users to spend cryptocurrencies with their cards on the Google Pay platform.
Bill Ready, Google’s president of commerce, commented on the company’s vision for cryptocurrencies and their possible uses. At the time, Ready stated:
Encryption is something we are very concerned about. As user needs and business needs evolve, so will we.
The company also Announce Most recently, it was hiring a former Paypal executive, Arnold Goldberg, as part of a push to include new services in its platform, including cryptocurrencies.
What do you think of the launch of Google’s blockchain division? Let us know in the comments section below.
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