Google's parent company, Alphabet, is actively exploring the integration of Web3 and blockchain.

The statement was made by the company's CEO Sundar Pichai during the fourth-quarter earnings call on Tuesday (1).

Network 3

In addition to providing numbers that exceeded expectations (full-year revenue of $75.33 billion, up 33%), the company's CEO also talked about blockchain and web3.

"So, as a company, we're looking at how we can contribute to the ecosystem [Web3] and add value," he says.

Web3 refers to the "future" of the Internet that is already under development. It focuses on decentralization – powered by blockchain – and user-developed content. The idea is that people can use the Internet without giving up their data.

Also during the Q&A session, Pichai said that Google "benefits a lot" from open source technologies and that any developer can contribute to these technologies.

Blockchain Technology

While he did not elaborate on how the search engine intends to adopt the technology behind cryptocurrencies, Pichai gave examples of how the cloud team is exploring the possibilities of these disruptive technologies.

"As an example, our cloud team is looking at how we can meet the needs of our customers to build, trade, store value and deploy new products on blockchain-based platforms (……) so we're definitely keeping a close eye on that space. And supporting him where we can."

According to the executive, Alphabet is "definitely working on blockchain technology. He called the technology "interesting and powerful, with a wide range of applications.

Pichai further stated that blockchain can be used to support the computer and service layers behind platforms such as Google and YouTube.

Google and Cryptocurrency

But not today Google explores the possibilities of the cryptocurrency market. Recently, according to CriptoF√°cil, there is news that Google is planning to enter the cryptocurrency custody market.

The company's payments division is reportedly planning to add functionality that will allow users to store cryptocurrencies on digital cards.

In this sense, Google has announced two novelties. The first is a partnership with the exchange Coinbase and the cryptocurrency payment processor BitPay. Both will help the search giant to implement new features.

In addition, the company announced the hiring of former PayPal executive Arnold Goldberg, who will be the new head of the payments division.