Vice President Of BlockFi Google Recruited To Advance Web3 In The Asia-Pacific Region

Rishi Ramchandani is reported to be the Head of APAC Web3 Google. (Photo; Twitter @Bakoenanoto1)

JAKARTA - Former high-ranking crypto loan company BlockFi, Rishi Ramchandani is reported to be the Head of APAC Web3 Google. That way, the former BlockFi vice president will develop Web3 for the Asia-Pacific region.

The world's largest search engine company, Google, stated that Web3 has a very potential market. Therefore, Google formed a special team for Web3. One of them is by recruiting Rishi Ramchandani.

In his recent post on LinkedIn, Ramchandani said that he felt "excited" to be included in his new role in this multinational technology company. Its main goal is to advance Google's Web3 efforts in the Asia-Pacific region.

This area is familiar to him because he served as Vice President of BlockFi for Asia between June 2020 and December 2022. However, the ongoing crypto winter has greatly rocked the company before, which filed for bankruptcy protection in late November.

"It's great to welcome Rishi Ramchandani to lead Google Cloud APAC's efforts on Web3," said Mitesh Agarwal, Managing Director of Google Cloud Customers, Partner Engineering & Web3 GTM.

Google Cloud plans to enter the Web3 ecosystem by enabling developers to build and use applications based on blockchain technology. Google Cloud is also forming a new team to help and simplify developer efforts while exploring this area.

"We are not trying to be part of a live cryptocurrency wave. We provide technology for companies to use and utilize the distributed nature of Web3 in their current business and company," said Google Cloud Vice President Amit Zavery.

For information, BlockFi is a crypto lending company that is experiencing bankruptcy due to a prolonged cryptocurrency bear market. The company has filed a bankruptcy mechanism or bankruptcy of Chapter 11 in the US on Monday, November 28, 2022.

BlockFi went out of business due to a domino effect from the fall of the crypto platform FTX founded by Sam Bankman-Fried. The crypto loan-giving company suspended the disbursement of consumer funds due to FTX, Alameda, and dozens of its affiliates filed for bankruptcy on November 11.

Launching CryptoPotato, BlockFi received a revolving loan worth USD 250 million from FTX, but the exchange's death has crippled its operations. BlockFi suspended recall in mid-November, weeks before applying for bankruptcy protection.

The crypto lender recently requested permission from the US Bankruptcy Court to allow users to withdraw their holdings from BlockFi Wallet. The company described the initiative as "an important step towards our goal of returning assets to clients".

"It is our belief that clients clearly have digital assets in their BlockFi Wallet Accounts. Thus, we filed a motion asking the authorities from the US Bankruptcy Court to allow clients to withdraw their digital assets stored on their BlockFi Wallet Accounts. We will seek similar assistance from the Supreme Court regarding BlockFi Wallet Accounts stored at BlockFi International Ltd."