News hardware Despite Bitcoin’s Decline, Google Is Betting Big on Cryptos
The further we get in the history of blockchain technology, the more it faces mass adoption by many companies. Billed as the revolution at the center of the web3, this innovation is also subject to investment from web2 giants, such as Google.
Google invests heavily in blockchain and cryptos
While Google has remained discreet about its involvement in web3, the US web giant seems very interested in the subject. Unlike Facebook, the Silicon Valley company hasn’t talked much about new blockchain-focused uses of the internet.
However, when Facebook turned into Meta, Google invested billions in the new technologies that will populate the internet of tomorrow. To do this, Google has massively injected capital into blockchain sector startups through its alphabetical structure.
Alphabet invested nearly $1.56 billion in the period from September 2021 to June 2022. This initiative aims to fund the future giants of web3, the internet of tomorrow (or today). Specifically, the structure has invested in:
- FireBlocks (digital asset storage and transfer platform)
- Dapper Labs (NFT video game industry company)
- Spanning (Bitcoin Infrastructure for Business)
- Digital Currency Group (cryptocurrency equity company)
By incubating start-ups specializing in cryptos and blockchain, Google’s goal is to keep an eye out for future projects that could penetrate its search engine and browser in the future. In this context, the brand could already prepare functionalities and services compatible with this new generation of the web.
This news may seem surprising given that the US company had expressed some skepticism about the technology some time earlier.
Web3, what’s changing?
By being financially involved in building web3, the internet giant wants to lay the foundations, as it initially did for web 1 and 2. To understand Google’s interest, it is important to map the different generations of the web.
Web 1.0, which appeared in the 1990s, is the beginning of the Internet. This generation of the Web is primarily defined by open, low-interaction pages, allowing Internet users to access information online on Yahoo or AOL.
Then we talk about Web2 for the early 2000s. A more tolerant internet for users supported by the arrival of giants like Google or Facebook. The internet user then became a real player on the web for the first time by publishing content on blogs, social networks or forums.
Web3 is the worthy successor to web2. This generation, which appeared after the creation of Bitcoin, refers to a more decentralized internet, which does not belong to a large company. The ultimate goal of web3 is to integrate the innovations of web2 and replace intermediaries with blockchain to obtain direct interactions between individuals. Specifically, this internet still in its embryonic stage should offer internet users the choice to monetize their content with cryptocurrencies and exploit their proprietary rights on the web thanks to NFT. All complemented by a virtual 3D world, better known as metaverse.
Although the definition does not seem optimal yet, several companies are also supporting Google in this transition.
Google is not the only giant investing in crypto
This initiative is part of a fundamental trend as several digital giants invest in the blockchain sector. According to Block dataamong these major investors we find:
- Samsung for $979 million
- PayPal for $650 million
- Microsoft for $447 million
While most funded companies specialize in crypto asset exchanges, we note that the video game industry and NFT trading platforms are also a preferred investment for these giants.
While the overall value of the cryptocurrency market has taken a hit after the fall of Bitcoin, the injection of billions into the ecosystem shows the enthusiasm of the largest companies for this sector. By investing so much, it is clear that companies are positioning themselves in a logic of sustainable development of web3.