Google Partners With Coinbase To Enable Crypto Payments for Cloud Services
The Partnership
Google has announced a groundbreaking collaboration with Coinbase to facilitate crypto payments for its cloud services. This initiative, set to launch in early 2023, marks a significant step in integrating digital currencies into mainstream tech infrastructure.
How It Works
Initially, Google Cloud will accept crypto payments from select Web3 clients through Coinbase Commerce, which supports ten cryptocurrencies, including Bitcoin and Ethereum. This phased rollout aims to expand to more clients over time, enhancing payment flexibility.
Coinbase's Shift to Google Cloud
Coinbase, the largest U.S. crypto exchange, is migrating its data applications from Amazon Web Services to Google Cloud. This strategic move underscores Google's growing influence in the Web3 space, following similar partnerships like the NEAR Foundation.
The Deal's Potential
While terms remain undisclosed, Coinbase is expected to earn a percentage of transactions, aligning with its standard commerce arrangements. Google considered PayPal but chose Coinbase for its superior capabilities, highlighting the exchange's leadership in crypto solutions.
Google's Broader Strategy
Beyond payments, Google is exploring Coinbase Prime for secure crypto storage and trading. This potential integration could position Google Cloud as a comprehensive platform for crypto asset management, appealing to firms like Block and Tesla that hold crypto on their balance sheets.
Conclusion
This partnership not only diversifies Google Cloud's services but also strengthens Alphabet's revenue streams beyond advertising, which now contribute 9% of its income. As Google experiments with crypto, this collaboration with Coinbase may pave the way for broader adoption of digital currencies in cloud computing.
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