Google’s Cloud unit forms a new Web 3 team to capitalize on growing crypto space

  • Google plans to make its Cloud Platform the go-to place for developers in the crypto and Web3 space.
  • Google’s team is currently building Web3 tools and aims to simplify the process of building and running blockchain nodes to validate and record transactions.

Tech giant Google is dipping its toes in the emerging space of crypto and Web3 through its cloud computing arm. A fresh report suggests that Google’s cloud arm is building a team that will look after offering services to developers using blockchain applications.

The latest development comes as more tech giants are working on entering the rapidly emerging crypto market. In an email last Friday to employees, Amit Zavery, a vice president at Google Cloud said that he aims to make Google Cloud Platform the first choice for developers in the field. Competitors like Amazon and Microsoft offering cloud storage solutions are already working in this direction. In the email, Zavery wrote:

While the world is still early in its embrace of Web3, it is a market that is already demonstrating tremendous potential with many customers asking us to increase our support for Web3 and Crypto related technologies.

Supporters of Web3 have been working to create a decentralized peer-to-peer system. They believe that such a system will form the next generation of the internet. However, such a system also challenges the current state of the Web largely controlled by big corporations.

Google’s role in the Web3 world

Google says that it will focus on offering back-end services to developers who have an interest in building their own Web3 software. It can also help Google to grab more share of the cloud infrastructure market. Currently, competitors like Amazon and Microsoft are already ahead in the space.

However, this move will help to gain indirect exposure to the emerging crypto space. Speaking to CNBC, Zavery said:

We’re not trying to be part of that cryptocurrency wave directly. We’re providing technologies for companies to use and take advantage of the distributed nature of Web3 in their current businesses and enterprises.

Thus, Google is working on building a team for Web3 tools. Earlier this year in January, Google’s Cloud Unit unveiled plans for Digital Assets Team to work with customers. Google said that it was exploring how customers can make payments using digital assets.

In the future, Google also plans to deploy a system that could make it easy for people to explore blockchain data easily. At the same time, it also aims to simplify the process of building and running blockchain nodes to validate and record transactions. He further noted that Google’s tool can work in other computing environments such as Amazon Web Services.

Google’s bet on blockchain

As said top tech giants have been exploring the world of crypto and blockchain. Zavery believes that blockchain applications will continue to find their way into the mainstream.  Ex-Google CEO Eric Schmidt recently said that he too is very much excited about Web 3.0.

Microsoft and Amazon are currently ahead of Google in the cloud computing space. But early adoption for Web3 can probably give Google some edge.

About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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