According to an official press release, Google Cloud and Coinbase have signed a long-term strategic partnership to promote the innovatively developing Web3 ecosystem.
Bringing cloud services to crypto payments
Coinbase has brought in Google Cloud on a joint venture to bring cloud services to crypto payments. Under the terms of this agreement, Google Cloud will become Coinbase’s strategic cloud provider for developing advanced data and exchange services. Citing Coinbase CEO Brian Armstrong:
“We are thrilled Google Cloud chose Coinbase to onboard a new set of users to Web3 and offer developers powerful solutions. With 14,500 institutional clients and over 100 million verified users, Coinbase has spent more than ten years creating industry-leading products on-chain. We can’t imagine a better partner.”
According to the report, the tech giant promises that users will be able to pay for cloud services using crypto, such as Bitcoin (BTC) and Ethereum (ETH), on Coinbase starting in early 2023. According to a CNBC report dated October 11, Google also has aspirations to explore Coinbase Prime, a custodial service to store and trade crypto. On the other hand, Coinbase committed to moving part of its data-based applications from Amazon Web Services over to Google Cloud.
According to Google Cloud vice president Amit Zavery, who also serves as general manager and head of the platform, at inception, crypto payments will be accepted only from a specific group of clients who are already Web3-savvy through the Coinbase Commerce integration.
Coinbase Commerce allows merchants worldwide to accept crypto payments in a decentralized manner. With this partnership, however, a select group of Google Cloud users, starting with those in the Web3 ecosystem, can pay for its cloud services in crypto. Zavery added, “Over time, the service will be offered to more customers.”
Noteworthy, as of press time, Coinbase supports payments with ten different cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ether (ETH), and Litecoin (LTC).
Jim Migdal, Coinbase’s vice president of business development, highlighted conversations between the two giant companies, noting that Google’s payments, excellent service, and cloud usage have been ongoing for months.
Although details about the Coinbase-Google deal have not been revealed to the public, there is no doubt that the exchange will maintain the ‘Coinbase Commerce modus operand’i- taking a percentage of every transaction facilitated.
Google Cloud and Web3 partnerships
Google Cloud has been active in advancing its presence in the Web3 space. This comes after the tech giant’s January 27 blog post announcing plans to launch an entire internal team focused on digital assets.
The partnership between Google and Coinbase is not the first of its kind. In September, BNB Chain announced a collaboration with Google Cloud to provide builders within the ecosystem access to its tech firm’s cloud services. Fast forward to October 4, Google Cloud Services again joined hands with Near Protocol, where the former would offer technical support to Near grant recipients.
Commenting on the latest collaboration with Coinbase, Google Cloud CEO Thomas Kurian said:
“The partnership with Coinbase will help developers build in Web3 faster and more efficiently. We’re prepared to support the partner and the Web3 customer ecosystem. We want to make it frictionless for all clients to benefit from our security, scalability, reliability, and data services so they can concentrate on innovation in the Web3 space.”
Coinbase will leverage Google Cloud’s powerful computing platform to process blockchain data. Notably, the action will enhance the reach of global cryptocurrency service via its state-of-the-art fiber optic network.
According to a journal by Coinbase, the leading crypto exchange will also develop its global data platform through Google’s top-tier infrastructure. This will leverage its leading analytics and data technologies to offer clients ML-driven insight into digital assets.