Google launching a new blockchain division as part of its Labs group.
The software company it is focusing on “blockchain and other next-gen distributed computing and data storage technologies.”
According to Bloomberg, an engineering vice president for Google, Shivakumar Venkataraman will lead the blockchain division.
This is coming at a time when companies are integrating blockchain into their activities.
Also, the move is imperative as technologies running on blockchain, such as cryptocurrencies, are also taking centre stage.
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Nevertheless, Google has a number of blockchain projects, the company is careful not to be associated with any cryptocurrency.
However, Google’s new blockchain division will experiment on decentralized technologies under its umbrella Labs group.
Google’s Labs is a division of the company that experiments and groups all the augmented reality and Virtual reality (AR) and (VR) developments in tech ecosystem.
Meanwhile, the blockchain lab division will have an in-house incubator for projects called Area 120.
The latest interest into blockchain confirms Google has abandoned its former stance on cryptocurrency.
Recall that Google had banned all cryptocurrency-related advertising on its platform.
It had also banned initial coin offerings, crypto exchanges, cryptocurrency wallets, and cryptocurrency trading advice from its platform.
However, a sign that the tech company may have changed its stance came when it said it was paying attention to cryptocurrency.
Google’s president of commerce, Bill Ready, had stated this on January 19, 2022.
Also, to further show its interest in cryptocurrency, partnered with two cryptocurrency exchanges, Coinbase and Bitpay.
The partnership allows customers to store cryptocurrency in digital cards.
Furthermore, Google also partnered with Bakkt, a digital platform, to allow users to spend cryptocurrencies using its card on the Google Pay platform.
Also, the company recently employed a former Paypal executive, Arnold Goldberg.
This was to help execute its plan to include new services and cryptocurrencies in its platform.
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