Google Cloud announced on Tuesday a partnership with cryptocurrency exchange Coinbase to jointly drive Web3 innovation. Starting in early 2023, Google Cloud will allow customers to pay for cloud services with cryptocurrencies, and Coinbase has also said it will leverage Google’s cloud infrastructure.
The news, announced at Google Cloud’s annual event “Google Cloud Next 2022,” spurred Coinbase’s stock price up 8.4 percent in Tuesday’s trading session, and may also attract more top companies in the cryptocurrency industry to join Google. Because until now, Google’s main competitors have not allowed customers to pay with cryptocurrencies.
Coinbase has relied on Amazon’s AWS cloud services for years, but will now use Google Cloud to power its platform, said Jim Migdal, vice president of business development at Coinbase. Under the agreement, Coinbase will use Google Cloud to build its advanced exchange, develop data services and process blockchain data at scale.
Amit Zavery, vice president of Google Cloud, said that Google Cloud will integrate Coinbase Commerce, a cryptocurrency retail payment platform owned by Coinbase, which will initially accept cryptocurrency payments from a small number of customers and open it to more customers in the future.
The Coinbase Commerce platform allows businesses to easily accept cryptocurrency payments, currently supporting 10 cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), and USDC currency.
At the same time, Google Cloud is also exploring the use of Coinbase Prime, an institutional cryptocurrency exchange platform for hedge funds, corporate treasuries and other financial institutions, which can securely store cryptocurrencies and allow institutions to execute transactions. . Amit Zavery pointed out that Google will test the water temperature in this regard, first to see how it can participate in the management of cryptocurrency assets.
Google has actively expanded its Web3 layout recently. It has previously cooperated with protocols such as Nansen, BNB Chain, Sky Mavis, and NEAR Protocol. In May of this year, it formed a Web3 team to provide back-end services for blockchain developers and set its sights on the Web3 world. infrastructure.