The Google Cloud Group forms the Web3 Product and Engineering Team

Thomas Kurian, President and CEO of Cloud Services at Google LLC, speaks at the Google Cloud Next event in San Francisco on April 9, 2019.

Michael Short | | Bloomberg Getty Photos

The Google cloud unit is forming a team to create services for developers running blockchain applications as the company tries to capitalize on the growing popularity of crypto and related projects.

Amit Zavery, vice president of Google Cloud, told employees in an email on Friday that the idea was to make the Google Cloud Platform the first choice for developers in the space.

“While the world is still in the early stages of its adoption of Web3, this is a market that is already showing tremendous potential with many customers asking us to increase our support for Web3-related technologies and Crypto, ”he said. -he wrote.

The Web3 pioneers created a set of decentralized, peer-to-peer systems that they hope will develop into the next generation of the Internet. It’s a philosophy that challenges the current state of the web, which is controlled by large corporations like Google’s parent Amazon, and Facebook’s meta-platforms.

Google wants to offer back-end services to developers interested in developing their own Web3 software as the company fights for market share in cloud infrastructure against Alibaba, Amazon and Microsoft.

“We’re not trying to be part of this cryptocurrency wave directly,” Zavery told CNBC in an interview. “We provide technologies for companies to use and apply the shared features of Web3 to their current businesses and businesses. »

Zavery, a former Oracle, joined Google’s cloud group in 2019, months after Google tapped Thomas Kurian, president of product development at Oracle, to be the next head of its cloud unit.

By building an internal team for Web3 tools, Google is taking another step to prove its commitment to the market. In January, Google’s cloud unit announced plans for a digital asset team to work with clients, following the emerging growth of non-fungible tokens, or NFTs. The company said it is looking at how customers can pay using cryptocurrencies.

In the future, Google may design a system that other companies can use to make blockchain data easier to explore, while simplifying the process of creating and running blockchain nodes to authenticate and record transactions, Zavery said. He added that Google’s tools can work in other computing environments, such as Amazon Web Services.

Enthusiasm in bitcoin, the most stable cryptocurrency, has weakened this year as investors turned away from risky assets. On Thursday night, bitcoin dropped 21% so far in 2022, the S&P 500 underperforming, which has fallen about 13%.

But blockchain applications continue to find their way into the mainstream and are growing in relevance to industries such as financial services and retail, Zavery said.

Nike CEO John Donahoe told analysts in a conference call in March that the shoe company plans to create Web3 products and experiences. Warner Music Group is also interested.

“From collectibles to music royalties, Web3 represents an exciting future for the music industry that will help our artists reach millions and millions of new fans with interesting and innovative way, ”CEO Steve Cooper said in the company’s first quarter earnings conference call.

James Tromans, a former Citigroup who joined Google in 2019, will lead the product and engineering team and report to Zavery. The team will bring together peripheral employees involved with Web3 internally and on their own, Zavery said.

Google is following Amazon and Microsoft in cloud computing, but the company is growing faster than its core advertising unit. Ruth Porat, Alphabet’s chief financial officer, said last week that the fastest -growing workers are in the cloud division.

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