Google will be launching an exclusive division to facilitate the development of wide range of financial services including blockchain and cryptocurrencies.
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Google reportedly has set up a new unit known as the Google Labs. This will be an internal group that will test blockchain, distributed computing and data storage technologies.
Reportedly, Shivakumar Venkataraman, Vice President of Engineering for Google’s Advertising Infrastructure and Payments Systems has cited to Bloomberg that “Google is involved in, “blockchain and other next-gen distributed computing and data storage technologies.”
Venkataraman will be the leading the Google Labs, the division which will be focusing on the company’s virtual reality (VR) and augmented reality (AR) product development efforts in the future.
While the move of Google is very late in to the space, the size of the tech giant makes is appear to be powerful enough to lead the race.
Previously, Google Labs used to be an incubator where Google conducted public demonstration and testing of their new projects. However, the new unit that has the name “Google Labs” will have a different focus.
Previously, Under the terms of the multi-year partnership, Google Cloud did commit to serve as a network operator for Dapper Labs’ Flow (FLOW) blockchain, which empowers a broader NFT, gaming and apps ecosystem. Google has been providing a secure infrastructure for Dapper to continue to expand. Thus, we cannot say that Google is completely new to this space. They seem to have a feet-wet experience in this regard.
Will Google develop cryptocurrency? The tech giant has said that they will be making digital cards which store cryptocurrencies that can be used on Google Pay, through partnerships with Coinbase, BitPay and Gemini. Perhaps, very soon Google Pay Cards will be storing Bitcoin.
This can mean that very soon Google Pay will bring Bitcoin to your Android Phone. Obviously, Google will be entering into many partnerships in the blockchain space.
With the entire cryptocurrency space becoming mainstream, it is not surprising to see big tech companies like Google throwing their hat in the game.
For now, buying, selling, or storing bitcoin inside the Google Pay wallet are not available. Perhaps, in the future this might become a reality. There is no clear or obvious idea about what to expect, but there are all what one can possibly guess would happen.
There might also be the coming of a “Comprehensive Digital Wallet” As user demand and merchant demand is growing towards crypto, Google might not want to miss out on the opportunity.