Former Google CEO calls the idea of decentralising the internet ‘very powerful’

In an interview on CNBC, former Google chairman and CEO Eric Schmidt spoke about the ‘seductiveness’ of the Web 3.0 concept and discussed his investments in cryptocurrencies.

In December, the billionaire became the strategic advisor to Chainlink Labs, a year after leaving Alphabet, Google’s parent company.

“The Web3 economy is interesting. Platforms, use cases. [This] isn’t working yet, but everything will change”, — said he.

Schmidt highlighted concepts such as content ownership and compensation payouts to people.

The billionaire did not specify which cryptocurrencies he owns. Schmidt noted that if he were at the start of his software engineering career today, he would focus on artificial intelligence algorithms or Web3.

Earlier, the former head of the Metaverse division at JPMorgan, Christine Moy, joined Apollo Global Management. She will oversee investments in Web3 startups.

Earlier Pantera Capital raised $1.3 billion for a blockchain fund focused on Web 3.0.

Before that, Haun Ventures formed two structures focused on Web 3.0 with $1.5 billion in assets. The firm is linked to former Andreessen Horowitz general partner Katie Haun.

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