Google is "looking at blockchain" as the company wants to support We3-related innovations the best it can, Bloomberg reports, citing Alphabet Inc. CEO Sundar Pichai.

During Alphabet's earnings call Pichai said that the Mountain View-based company finds blockchain an "interesting and powerful technology with broad applications."

The move comes after Google Labs, an incubator created by Google, formed a blockchain group led by Shivakumar Venkataraman, Google's Engineering Vice President. According to reports, the new division will develop products related to blockchain and other next-gen distributed computing and data storage technologies.

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In the meantime, Apple is also working towards Web3 as the company's head Tim Cook revealed in a recent earnings call that the company is "investing accordingly," by answering the question of how he's considering the "metaverse opportunity and Apple’s role in that market."