Google is collaborating with Coinbase to use its custody service, and will start accepting crypto payments in early 2023.
The announcement by one of the largest giants in the tech space that it will accept cryptocurrency in exchange for its cloud services should be an enormous boost to the cryptocurrency sector as a whole.
Google Cloud has said that it will allow “select customers”, starting with those in the Web3 ecosystem, to pay for its cloud services in cryptocurrencies that are yet to be specified.
The tech giant announced its collaboration with Coinbase last week. It details that Coinbase will use Google Cloud as a strategic cloud provider in order to utilise its compute platform to process blockchain data, and also leverage Google’s premium fibre-optic network.
Coinbase customers will also benefit from leveraging Google Cloud’s secure infrastructure and machine learning-driven crypto insights.
The new payment method is due to be rolled out in early 2023. Although the precise cryptocurrencies that will be used to pay for services hasn’t been specified by either Google or Coinbase, Coinbase Commerce will be used to enable decentralised payments, and this platform currently supports Bitcoin, Ethereum, Bitcoin Cash, DAI, Litecoin, Dogecoin, and USD Coin.
In an article on FXStreet, it was posited that Google would even support other meme coins besides Doge. These included Shiba Inu and Ape Coin, although it’s not known whether this is factual or just speculation at this stage.
Brian Armstrong, CEO of Coinbase said:
“We are excited Google Cloud has selected Coinbase to help bring Web3 to a new set of users and provide powerful solutions to developers. 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. We could not ask for a better partner to help execute our vision of building a trusted bridge into the Web3 ecosystem.”
Thomas Kurian of Google Cloud had the following to say of the collaboration:
“We want to make building in Web3 faster and easier, and this partnership with Coinbase helps developers get one step closer to that goal. 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. 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.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.