Google Forms a Web3 Team After Acknowledging the Space's Potential
The move comes in response to its customer’s increased demand for more support in the area.
The email, first shared by CNBC, mentioned that “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.”
Leading the push for Web3 is direct peer-to-peer interactions through decentralized apps in a variety of fields — most popular through decentralized finance. These smart contract-powered applications look to remove intermediaries, and in doing so, restore power to individuals.
Based on the email and statements from Zavery, Google Cloud is not looking to become directly involved in cryptocurrencies. Rather, the cloud infrastructure brand is looking to offer back-end services to developers who are interested in creating their own Web3 software. “We’re providing technologies for companies to use and take advantage of the distributed nature of Web3 in their current businesses and enterprises,” Zavery added.
While there was no mention of specific cryptocurrencies, the company did say it was looking into cryptocurrency payments. It was also said that it might look to create a system that other companies can employ to make blockchain data exploration more easily accessible. Web3 is a broad term that encompasses other blockchain technologies, including NFTs and metaverse integrations.