Big Tech competes for crypto crown: Twitter, Amazon, Google, and Meta have all dipped their toes in the water as they look to expand into crypto.
- Meta (previously Facebook) last week joined the Crypto Open Patent Alliance (COPA), a group of companies promoting innovation in the crypto sector. It was a strategy pivot for Meta, which had just sold its ill-fated crypto business, Diem, for about $200 million.
- Google built a blockchain unit and launched a digital asset team in its Cloud division as it explores letting customers make and receive crypto payments.
- Amazon’s main involvement in the space is its Managed Blockchain service, which helps client firms interact with blockchain frameworks like Hyperledger Fabric and Ethereum or scale their own private networks.
Given how Big Tech seems increasingly intent on cementing a presence in crypto, perhaps driven by fear of missing out on the next big tech innovation, we can expect more big moves in the space this year and beyond.