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Google Jumps The Crypto Bandwagon To Win Cloud Market From Alibaba, Amazon, Microsoft

Published 06/05/2022, 19:57
Updated 06/05/2022, 20:43
© Reuters.  Google Jumps The Crypto Bandwagon To Win Cloud Market From Alibaba, Amazon, Microsoft
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  • Alphabet (NASDAQ:GOOGL) Inc’s (NASDAQ: GOOG) (NASDAQ: GOOGL) Google cloud unit formed a team to build services for developers running blockchain applications to tap the budding crypto market, CNBC reports.
  • Former Citi executive James Tromans, who arrived at Google in 2019, will lead the product and engineering group.
  • Google wants to offer back-end services to developers interested in composing their Web3 software to win market share in cloud infrastructure from Alibaba (NYSE:BABA) Group Holding Limited (NYSE: BABA), Amazon.com, Inc (NASDAQ: NASDAQ:AMZN), and Microsoft Corporation (NASDAQ: NASDAQ:MSFT).
  • Google Cloud VP Amit Zavery looks 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, it is a market that is already demonstrating tremendous potential with many customers asking us to increase our support for Web3 and Crypto-related technologies,” Zavery said.
  • Google Cloud looked to devise a system to streamline blockchain data for people to explore while simplifying the process of building and running blockchain nodes for validating and recording transactions.
  • Google’s tools can work in other computing environments, such as Amazon Web Services.
  • Price Action: GOOG shares traded lower by 0.73% at $2,317.87 on the last check Friday.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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