25 February, 2024

Google Forays Into Cryptocurrencies With Coinbase Partnership

1 year ago

22 Nov, 2023

In order to facilitate payments for Google Cloud Services in “select” cryptocurrencies, the tech behemoth has partnered with cryptocurrency exchange Coinbase. Customers in the Web3 space will be able to make purchases using cryptocurrencies as early as next year, according to Coinbase and Google.

Google’s foray into Crypto

The announcement came Tuesday at Google’s Cloud Next conference when the company said it would accept cryptocurrency payments through a connection with Coinbase (COIN). Only a small subset of Web3 industry clients will be offered crypto payments at launch.

Google plans on using Coinbase Commerce, a service that enables merchants to accept and transact in a variety of cryptocurrencies such as Bitcoin, Ethereum, USD Coin, Tether USD, Dogecoin, Shiba Inu, and others.

According to CNBC, Coinbase will charge a fee for using its marketplace platform. Google also intends to make use of Coinbase Prime, an “institutional-grade” cryptocurrency trading platform designed specifically for large corporations, to store and trade cryptocurrencies.

Both sides benefit

Furthermore, Coinbase will be switching some of its “data-related applications” from Amazon Web Services to Google Cloud as a part of the deal. Google will also begin leveraging the developer tool Coinbase Node to power its BigQuery crypto public datasets. This tool allows programmers to access blockchains and create decentralized applications.

CNBC reports that Google established a team early this year to provide a back end for Web3 developers, and this development is in line with that goal.

Thomas Kurian, CEO of Google Cloud, stated, We want to make building in Web3 faster and easier, and this partnership with Coinbase helps developers get one step closer to that goal.

We could not ask for a better partner to help execute our vision of building a trusted bridge into the Web3 ecosystem,” Brian Armstrong, Coinbase’s co-founder and CEO added.