The American multinational company and tech powerhouse recently announced that it will start taking cryptocurrencies as payment services for its cloud services at the begging of 2023.
Google stated on Tuesday that it has reached an agreement with Coinbase, the largest currency exchange firm in the United States, to enable the usage of an entirely new method of payment.
The announcement specified that Coinbase chose Google Cloud as a strategic cloud provider to create sophisticated exchange and data services as part of the agreement.
The cryptocurrency exchange will handle blockchain data at scale using Google Cloud’s strong processing engine, and it will expand the worldwide reach of its crypto services by utilizing Google’s premium fiber-optic network.
In this partnership with Google, Coinbase will also create its global data platform on Google Cloud’s secure infrastructure, leveraging its top data and analytics technologies to give machine learning-driven crypto insights to Coinbase users.
As part of the agreement, Google Cloud will allow chosen customers, beginning with those in the Web3 ecosystem, to pay for cloud services using certain cryptocurrencies.
The new payments experience, powered by Coinbase Commerce, will enable businesses worldwide to accept bitcoin payments in a decentralized manner, and also will help Google Cloud’s users and partners by boosting the payment options for Google Cloud services.
This Google/Coinbase partnership will allow Web3 developers to access Google’s BigQuery crypto public datasets across prominent blockchains, which will be backed by Coinbase Cloud Nodes.
The integration will enable developers to run Web3-based solutions rapidly and reliably without the need for costly and sophisticated infrastructure.
The co-founder and CEO of Coinbase Brian Armstrong wrote in a statement about how exciting Coinbase is to be able to work alongside Google.
“With more than 100 million verified users and 14,500 institutional clients, Coinbase has spent more than a decade building industry-leading products on top of blockchain technology,” Armstrong said. “We could not ask for a better partner to help execute our vision of building a trusted bridge into the Web3 ecosystem.”
The CEO of Google Cloud, Thomas Kurian also talked about how this partnership will aim to build a “faster and easier” Web3 environment.
“We’re proud Coinbase has chosen Google Cloud as its strategic cloud partner, and we’re ready to serve the thriving global Web3 customer and partner ecosystem,” Kurian said. “Our focus is making it frictionless for all customers to take advantage of our scalability, reliability, security, and data services, so they can focus on innovation in the Web3 space.”