Google Will Accept Cryptocurrency Payments as Part of a New Coinbase Partnership
In a new Coinbase agreement, Google will begin taking cryptocurrency payments for its cloud services. Cryptocurrency payments for products and services are becoming more common as more corporate giants consider the idea. The cryptocurrency sector has capitalized on widespread adoption to solidify its place in mainstream finance, with institutions such as BlackRock and JPMorgan expressing interest.
Recently, global technology firm Google expressed interest in going deeper into cryptocurrencies through new cooperation with Coinbase, America's largest crypto exchange. The collaboration, unveiled Tuesday at the "Google Cloud Next 2022 conference" in California, will benefit both companies.
Google customers will be able to pay for the company's cloud-based services using cryptocurrencies like Bitcoin (BTC) and Ethereum thanks to the agreement (ETH). This will only be possible with a select few assets and will be made possible by Coinbase Commerce. As of press time, Coinbase Commerce supported 10 coins.
The cryptocurrency market is expanding, and businesses that participate in it develop a diverse system for their customers, particularly in terms of payments. Google's action will elevate the tech giant above top competitors in the cloud-based business landscape, as most corporations offering similar services have yet to appeal to the bitcoin community in this fashion.
In early 2023, Google will reportedly implement this for a limited number of clients. However, as time goes on, more clients will be able to access it. Recent statistics show that Google's cloud business is already responsible for 9% of parent firm Alphabet's revenue. This partnership with Coinbase will undoubtedly increase sales.
Additionally, the collaboration will provide Web3 developers access to Google's BigQuery data warehouse's crypto datasets. Coinbase Cloud Nodes will once again power this project.
Google also intends to use Coinbase Prime's capabilities, including custody and reporting for institutional-specific digital asset offerings.
As a result of the collaboration, Coinbase has opted to move its data-related apps from Amazon Web Services to Google. Coinbase has relied on AWS for years, and the transition will be dramatic.