Looks like a Thanksgiving gift before Thanksgiving.
the alphabet (The Google) through its subsidiary Google, has just offered the crypto industry an impressive boost to a fledgling industry that has redoubled its efforts in recent months to lobby for adoption by the masses.
Google is now accepting cryptocurrency payments for its cloud computing services.
Google Cloud 3 will allow businesses and web developers to pay with a basket of cryptocurrencies offered by Coinbase (Currency) Via Coinbase Commerce. In fact, this decision is part of a partnership with the crypto platform which is the only public platform offering to buy and sell cryptocurrencies.
Coinbase Commerce is part of the company’s diversification. It allows businesses to accept cryptocurrency payments and bill their customers in ten of the most popular cryptocurrencies – Bitcoin, Ether, Tether USD, Bitcoin Cash, Dogecoin, Shiba Inu, USD coin, Litecoin, DAI and Apecoin.
Google Cloud will initially allow a small group of companies in the crypto space to pay in cryptocurrency via Coinbase Commerce. In the second step, the Internet giant will offer this option to a larger number of companies.
The service will be effective from 2023.
Good deal for Coinbase
“As part of the partnership, Coogle Cloud is set up to enable select customers, starting with those in the Web3 ecosystem, to pay for their cloud services via select cryptocurrencies,” the companies said in a joint press release. Which enables merchants globally to accept cryptocurrency payments in a decentralized manner – The new payments experience will benefit Google Cloud customers and partners by increasing the optionalness of payments for Google Cloud services. “
Web 3 is a somewhat ambiguous term for the latest iteration of the Internet that will replace the current Internet or Web 2. It is seen as a decentralized Internet, where consumers and users take back control of their data. The big tech made up of Google and Meta won’t be the central authorities of the internet.
The partnership with Google is good news for Coinbase, as it could attract a large number of companies to the platform wanting to benefit from the Google ecosystem.
Coinbase must also collect commission on transactions.
Google and Coinbase have not disclosed the financial terms of the partnership.
“We are excited about choosing Google Cloud Coinbase to help bring Web3 to a new group of users and deliver powerful solutions for developers,” said Brian Armstrong, Co-Founder and CEO of Coinbase. “With over 100 million authorized users and 14,500 institutional customers, Coinbase has spent more than a decade building industry-leading products on top of blockchain technology.”
In addition, the new partners have hinted that they will be able to expand their partnership. Google plans to use the Coinbase Prime service, which securely stores corporate cryptocurrencies and allows them to trade.
The companies said: “Google will use Coinbase Prime for enterprise crypto services, such as safekeeping and reporting.
For Google, this partnership is an opportunity to catch up with its two main cloud competitors – Amazon with Amazon Web Services (AWS) and Microsoft with Azure – that dominate the cloud industry.
Coinbase will transfer its data-related applications from AWS to Google. Neither AWS nor Azure currently offer a cryptocurrency payment option. Google services, Alphabet’s game to reduce its dependence on advertising revenue, is increasing. While its market share is only 9%, it is growing.
Embracing the crypto industry, the mountain view giant is betting that a sector that wants to replace traditional financial services and reinvent internet tokens will let it catch up. Above all, Google will seem like the place to go for app developers and projects in the crypto galaxy, which includes cryptocurrency, the web3 and the metaverse.
“We are proud that Coinbase has chosen Google Cloud as their strategic cloud partner, and we are ready to serve the thriving global ecosystem of Web3 customers and partner,” said Thomas Kurian, CEO of Google Cloud. “Our focus is on getting all customers to benefit from our scalability, reliability, security, and data services, so they can focus on innovation in the Web3 space.”
However, venturing into the field of crypto comes with risks. Prices are very volatile. The cryptocurrency market has lost more than $2 trillion since its all-time high of $3 trillion last November, according to CoinGecko.