Google will start accepting crypto payments for its cloud services in a new Coinbase partnership.
Cryptocurrency payments for goods and services are gradually becoming widespread as several business giants have begun considering the practice. The cryptocurrency scene has ridden on the back of massive adoption to secure its position in mainstream finance, with institutions such as BlackRock and JPMorgan showing an interest.
Most recently, global technology firm Google indicated an interest in delving more into cryptocurrencies through a fresh partnership with America’s largest crypto exchange, Coinbase. The partnership announced Tuesday at the “Google Cloud Next 2022 conference” in California will mutually benefit both corporations.
Through the partnership, Google customers will be able to pay for the company’s cloud-based services with cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). This will be facilitated by Coinbase Commerce and will be limited to a few assets. Coinbase Commerce currently supports ten cryptocurrencies as of press time.
The cryptocurrency industry is growing, and corporations that delve into it create a diversified system for their clients, especially regarding payments. The move from Google will further push the tech giant above top competitors in the cloud-based business scene, as most firms offering similar services are yet to appeal to the cryptocurrency community in such a manner.
According to the announcement, Google will put this into effect for selected customers in early 2023. It will, however, be made available for more clients over time. According to recent data, Google’s cloud venture already contributes 9% of parent company Alphabet’s revenue. This collaboration with Coinbase is sure to drive in more customers.
Additionally, the partnership will allow access to the crypto datasets of Google’s data warehouse BigQuery for Web3 developers. Coinbase will once again power this initiative with its Coinbase Cloud Nodes.
Furthermore, Google also plans to leverage the services of Coinbase Prime, including custody and reporting for digital asset services tailored for institutions.
As a result of the partnership, Coinbase has also decided to stage an exodus of its data-related applications from Amazon Web Services cloud to Google. Coinbase has stuck with AWS for years, and the shift will dramatically change.