Google will begin receiving payments for cloud services in the crypto form at the start of next year. Google’s Vice President and General Manager Amit Zavery announced Google’s collaboration with Coinbase at Google’s Cloud Next conference.
Whereas the collaboration of Google and Coinbase will be through Coinbase commerce. At the same time, Coinbase commerce is a crypto platform for merchants. However, this feature will currently be available only to limited customers in the Web3 industry.
Initially, the platform will only accept ten cryptocurrency payments like Bitcoin, Ethereum, Dogecoin, Litecoin, and Bitcoin Cash. Moreover, Google will also utilize Coinbase’s custody service, Coinbase Prime.
Although, due to this partnership, Coinbase will shift from Amazon Web service to Google’s infrastructure to host its data-related application.
Thomas Kurian, CEO of Google Cloud, aims to make building in Web3 faster and more accessible, and due to this partnership with Coinbase, developers will move one step closer to that goal. Though, the terms of the deal between Google and Coinbase are not public yet.
On the other hand, presently, the technology giant started adding its crypto features and services. So now you can see Ethereum wallet balances showing up when you search for an address on Google. Besides, BNB Chain is collaborating with Google Cloud to support the growth of early-stage Web3 and blockchain startups. Even Google announced Ethereum’s recent revamp to proof of stake.
Google collaborated with Coinbase because it is interested in crypto and Web3. Likewise, Google’s parent company, Alphabet, also invested $1.5 billion in blockchain companies like Alchemy and Dapper Labs.
Also, due to Google’s interest in Crypto in January 2022, Google appointed PayPal executive Arnold Goldberg to explore crypto as a payment method.
Co-founder and CEO of Coinbase Brian Armstrong said they could not ask for a better partner to turn our vision of forming a trusted bridge into the Web3 ecosystem. Yesterday afternoon, the shares of Coinbase were more than 6% at $71.32.
Hence, Owen Lau, an analyst at Oppenheimer, predicted that more collaborations are yet to come in the future. Although, when the crypto economy spreads then, Coinbase will look more like an integrated digital asset enabler instead of being known only for being a crypto exchange platform.
SkyMarvis, who created the famous play-to-earn NFT game Axie Infinity, collaborated with Google Cloud in September 2022. Since the aim was to help improve the security of its Ronin network and play its role as an independent validator. In the past, SkyMarvis lost almost $600 Million to a breach on its network with who he did partnership Google Cloud.