[eMarketer] Google invests in a blockchain unit, looks to partner on crypto

Google is creating a new unit dedicated to “blockchain and other next-gen distributed computing and data storage technologies," according to a leaked email obtained by Bloomberg.

The blockchain unit will be led by a longtime Google veteran Shivakumar Venkataraman, Bloomberg reports, and will sit in Google's relatively new Labs division, which is also home to the firm's research into virtual and augmented reality.

Global spending on blockchain is forecast to reach nearly $17.9 billion in 2024, growing at a five-year compound annual growth rate of 46.4%. As interest in the technology grows, Big Tech is increasingly testing the water for payment use cases.

Perhaps fearing regulatory blowback that it doesn’t really need, Google banned ads for cryptocurrency wallets from its advertising network until August 2021 and has resisted accepting crypto payments for its products and services.

According to eMarketer, recently when discussing plans for the future of Google Pay, Google president of commerce Bill Ready told Bloomberg the company will team up with providers of “a wider range of financial services, including cryptocurrencies.” Over the past year, Google partnered with several crypto companies in payments.

Read the full eMarketer article here

www.emarketer.com