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Google co-founder feels company has missed the blockchain ‘golden ticket’

Akash Anand



Google co-founder feels company has missed the blockchain 'golden ticket'
Source: Unsplash

Sergey Brin is a name synonymous with ‘tech behemoth’. The co-founder of Google who is worth $52 billion had attended a blockchain conference at a summit that took place at Sir Richard Branson’s hotel in Morocco. He along with several important dignitaries discussed blockchain technology and its impacts. During his talks he was quoted as saying:

“We probably already failed to be on the bleeding edge, I’ll be honest, [… but] I see the future as taking these kind of research-y, kind of out there ideas and making them real – and Google X is kind of like that.”

The fact that someone like Sergey Brin has lamented about the missed opportunities with blockchain technology shows how fast the field is developing. Although Brin was disappointed that Google had not taken the first shot he was fairly confident that Google’s special division ‘Google X’ would use blockchain to create some wonderful products. Google X is also the division responsible for the creation of some of Google’s unorthodox products such as Waymo and Project Loon.

Brin also touched upon how he became interested in blockchain technology and its applications. He admits that he does not know “a whole lot about cryptocurrency” but started digging into the field after he set up a mining rig with his son. He said:

“A year or two ago my son insisted that we needed to get a gaming PC. I told him If we get a gaming PC we have to mine cryptocurrency. So we got an ethereum miner on there and we’ve been making a few pennies and dollars since. That definitely got me interested and I started to study the technology behind it and found it to be fascinating.”

Sergey Brin currently serves as the President of Alphabet, Google’s parent company and also plays an advisory role in the company.

The last few weeks crypto market has seen some staggering growth and adoption in the field of cryptocurrencies and blockchain technology. Major companies like Walmart, Mastercard, Western Union have all actualized the major applications of the technology and have started their own projects.

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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.


Rabobank announces plans to drop its crypto-project

Sarvesh Kumar



Robobank to drop its plans of having their own crypto-wallet
Source: Pixabay

Rabobank, a bank based out of The Netherlands, has decided to drop their idea of creating their own native cryptocurrency called Rabobit. The bank had announced their cryptocurrency plans in February 2018. Rabobank was looking at closing the gap between banks and cryptocurrency wallets. However, they have taken this decision after exploring the field for more than a year.

According to a report by Hard Fork, a spokesperson from the bank said,

“After careful consideration with our customers in mind, we recently decided that now is not the time to develop the idea further and bring it to the next phase of innovation”

Their cryptocurrency idea was part of the Rabobank Moonshot program, which was looking at boosting innovation in Fintech services. The bank does not consider their research a waste, but the same has led to valuable insights and experience in general, the spokesperson added

The spokesperson also said,

“We have learned valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications.”

The spokesperson cited regulatory uncertainty as the reason why the Dutch institution pulled out of the project. Although the bank has dropped the idea, they will be keeping a tab on the market and the regulatory changes in the industry.

Rabobank is not the only bank to drop the idea of having a cryptocurrency wallet. Recently, ABN AMRO, another Dutch bank, also dropped their plans of “Wallie,” their own cryptocurrency wallet. The reason for their drop was also with respect to regulatory conditions in the industry.

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