Google is creating a new blockchain department that will focus on the technology and other “next-generation distributed computing and data storage solutions.” The company has designated a competent executive as the “founding leader” of the new unit to help with its efforts, according to Bloomberg.
Shivakumar Venkataraman, Google’s senior vice president of engineering, will now run the unit as the Labs’ creator after becoming its executive leader.
Vekataraman has worked at Google for more than 18 years, bringing more than 25 years of programming experience with companies like IBM as well as over 10 years in professional advertising for the company.
Google wants to keep up with Facebook and Twitter
Google’s move comes as part of a larger plan to integrate with a broader range of financial services, according to Bloomberg, which first reported yesterday that Arnold Goldberg, a PayPal veteran, will lead Google’s payments division.
Google’s initiative follows years of ducking into the nascent blockchain technology. The company now appears to want to keep up with Facebook and Twitter’s investments in metaverse infrastructure and cryptocurrency infrastructure, respectively.