Google to crypto transactions?

Tech giant Google is reportedly preparing to realize the endless possibilities of blockchain technology. The latest reports indicate that a new section called 'Google Lab' has been set up to study how the functionality and potential of blockchain technology can be implemented at all levels of the company. This is part of the company's desire to grow in the areas of distributed computing and data storage technology.

There are already a number of tech companies out there exploring the possibilities of blockchain technology. According to an email from Bloomberg, Google Labs' focus is on blockchain and other new technologies. The company has hired Sivakumar Venkataraman, who has been with Google for the past 20 years.

Google introduced a new project called Google Lab in 2002 to carry out their new projects and related experiments, but in mid - 2011 Google discontinued that project. It is an interesting fact that the new category is given the same name. But the similarity can only be seen in the names. The two are presented with a focus on different concepts.

Google Lab will be a segment that focuses on the company's high potential long - term plans. Currently, Google's virtual and augmented reality projects are the main focus. It is unknown at this time what he will do after leaving the post.

However, there are unconfirmed reports that the purpose behind this is to make cryptocurrency and related services available through Google Pay, Google's payment portal. Meanwhile, it was recently revealed that Google is increasingly looking at the cryptocurrency sector. Many payment gateways already offer crypto payments.

Prior to this, the company had formed a special research team in November 2021 for a high-potential and long-term project such as augmented reality.