How Big Tech Is Quietly Entering Crypto

Episode Transcript

Speaker 1 (00:08):
Hello everyone, and welcome to another episode of fifteen Minute Crypto.
I'm your host, diving deep into the dynamic world of cryptocurrencies. Today,
we're tackling an intriguing topic, how big tech is quietly
entering crypto in the digital age. It's no surprise that
cryptocurrencies have attracted the gaze of big technology companies. Names
like Google, Amazon, Facebook, now Meta and Apple have subtly

(00:32):
but surely begun integrating blockchain technology and cryptocurrencies into their
business models. Let's unpack these developments, understand their strategies, and
speculate on what the future might hold for these combinations
of tech giants and the cryptospace. First, let's start with Facebook,
or as it's now known Meta. Meta made headlines with
its ambitious cryptocurrency project, initially named Libra, which later evolved

(00:57):
into dm. The idea was to create a global digital
currency that would provide affordable and accessible financial services, including
seamless money transfers and payments, not just on their platforms
but across the globe. Despite facing heavy regulatory hurdles and
eventually selling its technology to silver Gate Bank, this initiative

(01:17):
clearly showed Meta's interest in leveraging cryptocurrency for large scale
global influence. Why they retreat then primarily governmental resistance, concern
over monetary sovereignty and issues on privacy protections in numerous countries. However,
Meta is pushing on in related areas through its digital
wallet Nova and its expansive investments in the metaverse, where

(01:39):
blockchain underpins cryptocurrencies and NFTs. These ventures suggest that despite setbacks,
metices decentralized tech as integral to their expansion into new
realms of digital interaction. Moving on from Meta to Google,
Google has taken a subtler approach by not launching its cryptocurrency,
but rather integrating crypto functionalities into its existing services. Recently,

(02:04):
Google Cloud announced that it had started accepting cryptocurrency payments,
enabling customers dealing in blockchain technologies to pay for Google's
cloud services using digital currencies like bitcoin via third party processors. Moreover,
Google's venture arm, Google Ventures, has invested in multiple blockchain firms,
signaling ongoing interests in understanding and potentially integrating blockchain technology

(02:27):
across various parts of its service suite. Moreover, collaborations with
crypto firms like coinbase and BitPay have recently been established
to facilitate cryptocurrency transactions, allowing people to store their crypto
assets in digital cards while making payments across various Google services.
This kind of integration makes cryptocurrency more accessible and user
friendly to the general public who might use Google services

(02:49):
but have no prior crypto experience. Apple, the tech titan
known for its stringent control over its ecosystem, has been
comparatively quiet about its crypto ambitions. However, this does not
mean Apple is not interested in crypto. In fact, Apple's
CEO Tim Cook revealed in a personal capacity that he
owns cryptocurrency, indicating a warm personal sentiment towards it. In

(03:10):
the corporate dimension, Apple Wallet could potentially integrate cryptocurrency, transforming
iPhones into secure hardware wallets that could challenge existing players
in the crypto hardware wallet industry. While there has been
no official announcement, patents and job postings hinting at blockchain
have sparked speculation about Apple's future directions with crypto. Amazon,

(03:31):
the e commerce giant, is another interesting case. Cryptocurrency and
blockchain technology could revolutionize Amazon's vast e commerce and cloud
computing operations. There were swirling rumors last year about Amazon
looking to accept cryptocurrency payments, which the company deflected but
didn't entirely deny, stating they were focused on exploring how
these technologies could benefit their customers. Amazon Web Services AWS

(03:56):
offers blockchain frameworks for developers, and its managed blockchain service
sports ethereum, hinting at deeper integration possibilities in the future.
Amazon's potential entry into cryptocurrency could redefine retail and e commerce,
especially considering how it could integrate these technologies for more
efficient supply chain management, a key area within its gargantuan

(04:16):
logistical operations. From significantly decreasing transaction times to improving inventory
management with smarter, more transparent contracts, the implications could be vast.
So why is big tech diving into crypto? Several reasons
stand out. One innovating and leading market trends. These companies
are well known for their drive to innovate and lead

(04:36):
rather than follow market trends. By exploring cryptocurrencies, they are
aligning themselves with the technology considered foundational for future digital systems. Two.
Customer expectation and market demand. As cryptocurrencies gain mainstream acceptance,
customers increasingly expect companies to offer crypto related services. For

(04:57):
tech companies, meeting this demand isn't just about staate relevant,
it's about staying ahead of the curve. Three. Financial inclusion
and new revenue streams. Crypto offers a way to reach
unbanked populations, particularly in developing regions where many people might
own a mobile phone but lack access to traditional banking services.
This represents both a significant growth opportunity and a chance

(05:19):
to build on corporate social responsibility goals. Four. Enhance data
security and efficiency. The decentralized nature of blockchain, the technology
underpinning cryptocurrency, could provide more secure transaction processes, appealing enormously
to companies that handle massive transaction related data sets. While
these pursuits are encouraging for the development and acceptance of cryptocurrency,

(05:42):
they also raise pertinent questions. While big tech companies controlling
substantial parts of the cryptoeconomy lead to the centralization of
a fundamentally decentralized technology, what could be the privacy and
security implications in their approaches. In conclusion, as big tech
stance with crypto continues, it's an exciting time to watch, participate,
and possibly influence how these corporations innovate, comply with regulations

(06:06):
and influence global economies will shape not just the future
of cryptocurrency, but possibly of the entire digital world. This
wraps up our today's episode of fifteen Minute Crypto. Until
next time, keep your encryption strong and your wallet secure.
Thanks for joining in.