Thomas Kurian, Chief Executive Officer of Cloud Services at Google LLC, spoke at the Google Cloud Next event in San Francisco on April 9, 2019.

Michael Short Bloomberg | Getty Images

Google’s cloud unit has formed a team to build services for developers working with blockchain applications as the company tries to take advantage of the growing popularity of crypto and related projects.

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

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

The pioneers of Web3 have created a set of decentralized and peer-to-peer systems that hope to shape the next generation of the Internet. This is a philosophy that challenges the current state of the network, controlled by huge corporations such as Amazon, Google and Facebook, the parent Meta Platforms.

Google wants to offer back-end services to developers who are interested in composing their own Web3 software, while the company is fighting for market share in the cloud infrastructure against Alibaba, Amazon and Microsoft.

“We are not trying to be part of this wave of cryptocurrency directly,” Zawary told CNBC in an interview. “We provide technologies for companies to use and take advantage of the distributed nature of Web3 in their current businesses and enterprises.”

Zawire, a former CEO of Oracle, joined Google’s cloud group in 2019, months after Google selected Thomas Kurian, Oracle’s president of product development, as the next head of its cloud unit.

In building an internal team for Web3 tools, Google is taking the next step to prove its commitment to the market. In January, Google’s cloud unit unveiled plans for a digital asset team to work with customers amid growing growth in indispensable tokens or NFT. The company said it was researching how customers could make payments with cryptocurrencies.

In the future, Google could develop a system that other companies could use to make blockchain data easy for people to explore, while simplifying the process of building and running blockchain nodes to validate and record transactions, Zawari said. He added that Google’s tools can run in other computing environments, such as Amazon Web Services.

Enthusiasm about bitcoin, the most established cryptocurrency, has waned this year as investors have given up risky assets. By the end of Thursday, bitcoin had fallen 21% so far in 2022, lower than the S&P 500, which fell about 13%.

But blockchain applications continue to find their way into the mass market and are becoming increasingly important in industries such as financial services and retail, Zawary said.

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

“From collectibles to music fees, Web3 represents an exciting future for the music industry that will help our artists reach millions and millions of new fans in exciting and innovative ways,” said CEO Steve Cooper during a call for profit. the company for the first quarter.

James Tromans, a former Citigroup CEO who joined Google in 2019, will lead the product and engineering team and report to Zavery. The team will bring together employees who have been peripherally engaged in Web3 internally and independently, Zawari said.

Google is ahead of Amazon and Microsoft in cloud computing, but the business is growing faster than its core ad unit. Alphabet CFO Ruth Porat said last week that the fastest growth in the number of employees is in the cloud division.

I WATCH: Crypto-based web3 remains in the “recruitment” phase, says Sandy Carter of Unstoppable Domains

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