- With the help of Coinbase (NASDAQ:COIN), Google will allow cloud payments through crypto in early 2023.
- The strategic partnership will help Coinbase use Google’s cloud infrastructure instead of Amazon (NASDAQ:AMZN) Web Services cloud.
- Google will first accept crypto payments for a few Web3 clients and will later expand the payment method to other clients.
US’ largest crypto exchange, Coinbase is on ‘cloud nine’ as it partners with Google to help the tech giant’s cloud payments through cryptocurrencies. Reports also suggest that this payment method would be rolled out in early 2023 and Coinbase would use Google’s cloud infrastructure.The ‘partnership’ was announced at Google’s Cloud Next conference and will assist in attracting innovative firms towards Google in a competitive fast-paced market. The deal would be one of its kind as Google’s top rivals do not currently allow customers to pay with digital currencies.
Jim Migdal, Coinbase’s VP of business development revealed that the crypto exchange will switch its data-related applications from Amazon Web Services cloud, which has been its partner for years, to Google Cloud. In a similar instance, NEAR foundation too had partnered with Google Cloud recently to accelerate Web3 start-ups.
The ‘Google Cloud Platform’ infrastructure will thus give out its service in a phased manner.
Amit Zavery, VP and General Manager and head of the platform at Google Cloud shared that the platform will first accept crypto payments from a few Web3 clients who want to pay with cryptocurrency with the help of integration with the Coinbase Commerce service.
Gradually, Google will let other customers make payments via crypto. It is worth mentioning that Coinbase Commerce currently supports ten currencies, including Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, and Litecoin.
As of yet, the terms of the deal remain undisclosed. However, like other Coinbase Commerce arrangements, Coinbase will customarily earn a percentage of transactions that go through it, Migdal revealed.
Zavery also noted that it was initially unsure if Google would go with Coinbase for the payments as PayPal (NASDAQ:PYPL) too helps with the same. However, ultimately, Coinbase had the greatest capability, said Zavery.
Apart from this, Google is also looking at ways to use Coinbase Prime which safely stores firms’ cryptocurrencies and allows them to execute trades. Zavery said that Google will experiment and see how it can work with managing cryptocurrency assets.
Block, Coinbase, MicroStrategy, and Tesla (NASDAQ:TSLA) are among the firms that have added crypto assets to their balance sheets.
Migdal said Coinbase had been in talks with Google for quite a time now and parallelly discussed supporting commerce transactions, cloud usage, and the Prime services.
Migdal stated:
We decided to bring them together
As for Google’s Cloud, it has helped Google’s parent firm Alphabet (NASDAQ:GOOGL) in expanding away from advertising, and it now accounts for 9% of revenue which was less than 6% three years ago.
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