Google’s umbrella company Alphabet Inc.seems to be quite keen on supporting blockchain technology and Web3. Alphabet CEO Sundar Pichai revealed that the internet giant is focused on embracing the future of the blockchain industry.
Alphabet CEO, known to be a crypto advocate Sunder Pichaisees blockchain technology as “interesting and powerful”. Pichai noted the following on the subject:
“This blockchain technology is one we want to support. Whenever there is something new, I find it exciting. I think this is technology that we would like to support as much as we can.”
The CEO of Alphabet, one of the leading companies in the world, also stated that he follows the blockchain industry closely. Pichai added that he also finds Web3 exciting, a new iteration of the ‘blockchain-based Work Wide Web’ that includes the token-based economy. The CEO also confirmed that Google is focusing on breaking into the Web3 universe.
Google’s parent company had previously made it clear that it would take a pro-crypto stance when it invested $1 billion in the Chicago Mercantile Exchange (CME) in November 2021. CME stands out as the most diverse ‘derivatives market’ in the world.
The two companies have agreed on a ten-year collaboration to transform the global derivatives market through cloud adoption.
At the beginning of January 2022, Google announced its plans to enable users to store cryptocurrencies on digital cards. At the end of the month, the firm launched an online data storage division to leverage blockchain technology and create opportunities to create, store and support cryptocurrency transactions.
Lory Kehoe, co-founder of Blockchain Ireland, Google’s blockchain and commented on his push to Web3:
“It is noteworthy that Google now has a dedicated team with a senior executive. This means that this issue is now a priority and they feel it is time to focus more on it.”
The total crypto market cap was $1.44 billion in 2020, has grown steadily since then by 12.9%, reaching $1.63 billion in January 2022. Analysts believe that with steady growth, its market cap could soon reach $2.73 billion.
Ankush Jain, a crypto advocate and partner at Aaro Capital, believes that the volatility of cryptocurrencies presents an opportunity for institutions and firms in a world where returns across asset classes are declining. This explains the interest of Alphabet Inc and institutional investors in blockchain technology and crypto.