Alphabet's Google hired a former executive from crypto lender BlockFi to work as Asia-Pacific Web3 lead. The company aims to enable the Web3 ecosystem to build new web uses and applications on blockchain technology.
The Google logo is pictured at the Google India office building in Hyderabad on January 28, 2022. - Google will invest up to $1 billion in India's second-largest mobile operator, Airtel, the companies said on January 28, as the Android-maker looks to bolster its presence in the vast nation's booming telecoms market. (Photo by Noah SEELAM / AFP) (Photo by NOAH SEELAM/AFP via Getty Images)
NOAH SEELAM/AFP via Getty Images
(Photo : NOAH SEELAM/AFP via Getty Images) The Google logo is pictured at the Google India office building in Hyderabad on January 28, 2022. - Google will invest up to $1 billion in India's second-largest mobile operator, Airtel, the companies said on January 28, as the Android-maker looks to bolster its presence in the vast nation's booming telecoms market.
Hiring BlockFi's Former VP
As crypto-lender BlockFi filed for bankruptcy a few weeks ago, Vice President of Asia Rishi Ramchandani stepped down to his position after two and a half years and will be taking the role of Asia Pacific Web3 Lead for the world's largest search engine Google.
Bloomberg reported that this might be part of Google's aim to enable the ecosystem of Web3 that will give them an advantage over other companies, as they build new web uses and applications through this technology.
A spokesperson from Google stated this will be possible by supporting the development, transactions, storage, and development of new products. The company will include customers from top cryptocurrency and Web3-related outfits like Coinbase Global Inc., Dapper Labs Inc., Sky Mavis Inc., Nansen, and Hedera.
Ramchandani already updated his LinkedIn profile and was greeted by several colleagues on the platform. Mitesh Agarwal, a managing director at Google that focuses on its cloud service customers, partner engineering, and Web3-related efforts also greeted the new recruit.
Ramchandi posted on his profile and stated, "Excited for the next step in my career! I look forward to growing Google Cloud's #web3 efforts in APAC and working with the great people there."
BlockFi announced a few weeks ago that it would seek bankruptcy protection as it paused activities on its site. According to PYMNTS, the company was one of the firms affected by the collapse of the multibillion-dollar cryptocurrency platform FTX.
As the company suffered from a crisis during the summer because of a plunge in crypto prices and digital assets markets, the company sought rescue from FTC with a $400 million revolving credit facility. The company used a bulk of the credit facility just to balance its sheet.
"It is our belief that clients unambiguously own the digital assets in their BlockFi Wallet Accounts. As such, we filed a motion requesting authority from the US Bankruptcy Court to allow clients to withdraw their digital assets that are held in their BlockFi Wallet Accounts," the company stated.
During the announcement, Crypto Potato reported that BlockFi added that the company will focus on recovering all obligations owed to it, including what FTX owed. They described this initiative as an important step to achieve their goals of returning assets to clients.
