CEO Sundar Pichai announced in the company’s Q4 earnings call, that it was “definitely looking at blockchain and such an interesting and powerful technology with broad applications.”
Just earlier this month, Google hired Arnold Goldberg to lead the payments division of the company. Goldberg was the former Senior Vice President of PayPal as well as the chief product architect. Google said it’d be looking into financial services like Bitcoin credit and debit cards.
“So as a company, we are looking at how we might contribute to the [Web3] ecosystem and add value,” said Pichai in the call. “Just one example, our Cloud team is looking at how they can support our customers’ needs in building, transacting, storing value, and deploying new products on blockchain-based platform,” he stated.
“So we’ll definitely be watching the space closely and supporting it where we can.”
Web3 is the next step of the internet and is currently in development. Its objective is to be more decentralized. The goal is for people to be able to use the internet without feeling the need to give up their data.
Web3 apps are already in existence, and mostly use blockchain networks. The communities backing Bitcoin and Ethereum, these networks power 2 of the biggest cryptocurrencies by market cap and claim that their technology will lead to the evolution of the web.
Pichai also added that Google has “benefited tremendously” from open-source technologies. Web3 uses open-source, decentralized products. Products to which any developer can make their own set of contributions, and Google’s plan is to pitch in, he said.
Google, of course, has already welcomed crypto with open arms. Google Pay on Android mobile devices added Coinbase card integration, which is a Visa debit card with the ability to enable Bitcoin payments.