Google, Facebook, and others are doubling down on crypto

With the interest of these tech giants, it looks like cryptocurrencies are here to stay.

Google, Facebook, and others are doubling down on crypto
Shutterstock
  • Cryptocurrencies have, until recently, seemed to be in a slump.
  • Tech giants including Amazon, Google, Yahoo!, and Facebook are making moves, indicating that cryptocurrencies will soon become a bigger part of their platform.
  • This renewed interest and could cause the price of cryptocurrencies to spike again in the near future.


A lot has changed since everyone we knew began panic-buying cryptocurrencies back in December 2017.

Some people are still holding onto their coins, waiting for the next big wave, but for many, there is no doubt that the initial enthusiasm for cryptocurrencies has long since worn off.

Up until recently, most big tech firms had relatively little involvement in the cryptocurrency industry. But now, it looks like many of them have merely been biding their time.

Over the past year, massive companies, including Facebook, Yahoo!, Google, and even Amazon, have showed increased interest in the potential uses and applications of cryptocurrency.

Facebook is launching its own coin

There have been rumors of Facebook getting involved in cryptocurrency since December 2017, when, at the height of the cryptocurrency wave, David Marcus, the former PayPal president and the head of the two biggest social media messaging platforms, Facebook Messenger and WhatsApp, joined Coinbase's board.

However, he then stepped down from the role in May 2018, reportedly in order to fully focus on merging cryptocurrencies with Facebook and to avoid a conflict of interest.

Most recently, Reuters reported that Facebook registered a new company called Libra Networks on the 2nd of May in Geneva, Switzerland.

There have been rumors that the project is focused on creating a cryptocurrency that will allow Facebook users to transfer money across borders as well as make online purchases.

Yahoo! recently announced a new exchange

Yahoo! owns 40% of the Japanese crypto exchange, Taotao, which it bought in April 2018 for an estimated 2 billion yen (approximately $19 million USD).

The platform seems to be re-entering the market just on time, following the reignited interest among Japanese cryptocurrency holders.

Reportedly, local Japanese digital asset exchanges have witnessed an increase in new accounts of up to 200%.

Initially, the platform will be open for trading Bitcoin and Ethereum, and it will also be open for margin trading for Litecoin, Ripple, and Bitcoin Cash.

Google launched new crypto-related search tools

With over 3.5 billion daily searches, Google is one of the most widely-used search engines around the world.

The platform is currently working on a way to display digital currencies in a more user-friendly manner by showing relevant information such as top stories and other similar suggested digital currencies when a user makes a search.

Right now, the interface only works for a small number of the most popular virtual currencies, such as Bitcoin, Ethereum, and Ripple. However, there are plans to include a much larger range of currencies in the future.

Google has also been combining big data and search algorithms to make information from large blockchains, such as Bitcoin and Ethereum, publicly available to users.

Amazon snaps up domain names and begins to file patents

Last year, Amazon registered a number of new crypto-related domains, including AmazonEthereum.com, AmazonCryptocurrency.com, and AmazonCryptocurrencies.com.

While no official statement was released by Amazon regarding the purchase of these domain names, it has understandably raised speculation that Amazon could be preparing to move into the cryptocurrency market.

In fact, a patent was published earlier this month, revealing that Amazon could be looking into using crypto-related systems, including proof of work and Merkle trees.

How will this affect the users of these platforms?

Many in the cryptocurrency community have expressed no surprise at the entry of tech giants into the field. Beni Hakak, CEO of LiquidApps has commented, saying:

Today, tech giants are in control of their user's data because their survival depends on it, it's their core product. They understand that decentralization and blockchain technology will transition ownership of this user data away from themselves and into the hands of the users. In other words, blockchain technology is a direct threat to the status quo.

Fearing for their future, these companies are making strides to harness and morph blockchain technology to fit their own purposes, to afford themselves control again except, this time, it's not possible. Blockchain is an open-source technology which can't be controlled by any single entity. Similarly to when the internet disrupted industries across the board, no one can stop the revolution as long as there are people willing to take up the banner of blockchain. Understandably, given the newness of cryptocurrencies, most major tech companies have held back from implementing it right away.

Since the value of cryptocurrencies has dropped, many users have shied away from them.

However, its adoption by these major platforms could help ignite the already renewed interest in cryptocurrencies. Over the next few months, it is likely that we will witness the crypto market pick up again. This could even cause a spike in the value of cryptocurrencies, which is especially welcome news for those who have held on to their coins!

As Anthony Pomp from Morgan Creek recently posted on Twitter, "there's not a large company in the world who isn't going to join the revolution."

But what exactly does this mean for users? Well, the truth is, no one really knows just yet. However, the adoption of cryptocurrencies by such major platforms has made one thing perfectly clear cryptocurrencies are here to stay.

How New York's largest hospital system is predicting COVID-19 spikes

Northwell Health is using insights from website traffic to forecast COVID-19 hospitalizations two weeks in the future.

Credit: Getty Images
Sponsored by Northwell Health
  • The machine-learning algorithm works by analyzing the online behavior of visitors to the Northwell Health website and comparing that data to future COVID-19 hospitalizations.
  • The tool, which uses anonymized data, has so far predicted hospitalizations with an accuracy rate of 80 percent.
  • Machine-learning tools are helping health-care professionals worldwide better constrain and treat COVID-19.
Keep reading Show less

Designer uses AI to bring 54 Roman emperors to life

It's hard to stop looking back and forth between these faces and the busts they came from.

Meet Emperors Augustus, left, and Maximinus Thrax, right

Credit: Daniel Voshart
Technology & Innovation
  • A quarantine project gone wild produces the possibly realistic faces of ancient Roman rulers.
  • A designer worked with a machine learning app to produce the images.
  • It's impossible to know if they're accurate, but they sure look plausible.
Keep reading Show less

2020 ties for hottest year on record, says NASA and NOAA

In a joint briefing at the 101st American Meteorological Society Annual Meeting, NASA and NOAA revealed 2020's scorching climate data.

(Photo: Adobe Stock)
Surprising Science
  • 2020 is tied with 2016 for being globally the hottest year on record.
  • The year's hotspot included the Arctic, which is warming at three times the global mean.
  • The United States endured a record-breaking year for billion-dollar natural disasters.
  • Keep reading Show less

    Dark matter axions possibly found near Magnificent 7 neutron stars

    A new study proposes mysterious axions may be found in X-rays coming from a cluster of neutron stars.

    A rendering of the XMM-Newton (X-ray multi-mirror mission) space telescope.

    Credit: D. Ducros; ESA/XMM-Newton, CC BY-SA 3.0 IGO
    Surprising Science
  • A study led by Berkeley Lab suggests axions may be present near neutron stars known as the Magnificent Seven.
  • The axions, theorized fundamental particles, could be found in the high-energy X-rays emitted from the stars.
  • Axions have yet to be observed directly and may be responsible for the elusive dark matter.
  • Keep reading Show less
    Personal Growth

    Put on a happy face? “Deep acting” associated with improved work life

    New research suggests you can't fake your emotional state to improve your work life — you have to feel it.

    Scroll down to load more…
    Quantcast