Coinbase (COIN) has announced that it will accept cryptocurrency payments for cloud services as part of Google’s (GOOGL) new partnership to advance Web3 innovation.
Payments for Google Cloud services can now be made with bitcoin (BTC-USD), ether (ETH-USD), and dogecoin (XDG-USD) (DOGE-USD). With this long-term strategic alliance, we hope to improve the Web3 ecosystem for developers.
Users will be able to pay for services with cryptocurrency beginning in early 2023, according to a statement made during Google’s Cloud Next conference on Tuesday, as reported by CNBC.
VP of business development Jim Migdal recently announced that the cryptocurrency exchange Coinbase would be switching from using Amazon (AMZN) Web Services cloud infrastructure to deploy data-related applications to using Google’s cloud infrastructure.
Coinbase to Transition from AWS to Google Cloud
Amit Zavery, VP and GM of Google Cloud, has stated that come 2023, a small group of customers will have access to Google Cloud’s strategic collaboration with Coinbase via Coinbase commerce, a crypto payment platform for retailers. Only Bitcoin, Ethereum, Litecoin, Dogecoin, and Bitcoin Cash are currently supported as payment methods.
As a result of this collaboration, Coinbase will move its data-related application hosting from Amazon Web Service to Google’s cloud. Coinbase’s Prime custody service is being adopted by Google as also. Google Cloud CEO Thomas Kurian said that the deal’s specifics have not been made public.
Google’s Cryptocurrency Interest
There is little doubt about Google’s enthusiasm for crypto and Web3. The parent company of Google, Alphabet, has invested $1.5 billion in various blockchain firms such as Dapper Labs and Alchemy.
To investigate the potential of cryptocurrency as a payment mechanism, Google brought on Arnold Goldberg, a former executive at PayPal, to head up its payment business in January 2022.
SkyMavis, the developer of the widely-played NFT game Axie Infinity, enlisted Google Cloud as an independent validator and security advisor for their Ronin network in September 2022. After Skymavis’s network was breached and it lost roughly $600 million, the company decided to work together to prevent such losses.
There is no doubt that the interest of tech behemoths in blockchain and Web3.0 is growing. Facebook changed its name to Meta a year ago so that it could investigate the potential of the metaverse. This past week, it released a new function called NFT for Facebook users. Twenty million dollars from Microsoft went toward a distributed data warehouse for the creation of Web3.0. The push to adopt cutting-edge innovation will only increase as time goes on.
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