A partnership between Google and Coinbase to bring crypto payments to the Cloud. The internet giant has partnered with the Coinbase exchange platform to be able to offer crypto payments via cloud services. Nevertheless, the offer will only be accessible to a certain number of selected customers and will take Bitcoin and Ethereum into account.
A partnership between two internet giants
The offer offered by Google Cloud and Coinbase will not take effect until next year. We will have to wait a little longer for it to be available to the general public. Additionally, Google Cloud Platform Vice President Amit Zavery announced that “ selected customers would be a select group of users already active on Web3 through the Coinbase Commerce integration.” Nevertheless, Zavery said the service will gradually expand to other customers.
According to CNBC, the tech giant plans to use Coinbase Prime. The latter is cryptocurrency storage and trading service. For its part, Coinbase said it was transferring several data-related applications to the Google Cloud. These are initially stored on Amazon Web Services.
Among the cryptocurrencies that will be taken into account by the new service, we obviously find the flagship digital asset: Bitcoin. There will be a total of ten cryptos with which customers can pay on the Cloud. Thus, in a non-exhaustive way, there will be Ethereum (ETH), Dogecoin (DOGE), and Litecoin (LTC). We can expect more virtual assets to join this list in the future.
Other partners for Google Cloud?
The global internet giant has not ruled out working with other companies for digital asset management. Indeed, the Coinbase crypto trading platform experienced a depreciation of $377 million for the month of August alone. This dizzying fall is partly explained by the drop in the value of his crypto holdings.
Google had already indicated in May that it was studying the possibility of adding support for payments with digital currencies. Migdal said at the time that Coinbase had been in talks with Google for months. Negotiations on support for business transactions, cloud usage, and the Prime service are all happening in parallel. " We decided to bring them together," Zavery said.
Last month, Sky Mavis struck a deal with Google Cloud allowing the tech giant's cloud division to run a validator node on Ronin Network, an Ethereum sidechain set up by Sky Mavis, the creator of Google Cloud. Axie Infinity.
This move aims to further decentralize Ronin. Additionally, it allows Google to help secure the sidechain and process transactions. As a reminder, the Ronin Bridge was mined earlier this year in a historic $622 million theft.
Google Cloud increasingly interested in Web3
Blockchain technologies such as non-fungible tokens, or NFTs, have become a major concern for Google's cloud. Previously, Google cloud chief Thomas Kurian pushed to invest in big industries such as media and retail. This year, he announced the formation of teams to develop blockchain-related activities.
Additionally, he said he wants to create tools that third-party developers can rely on to build blockchain applications.
Unlike Facebook, which rebranded itself as Meta last year, Google has had its cards on the table in the race for Web3. However, the firm has experienced tensions over its rapprochement with the crypto ecosystem. But now the reports seem to be improving and Google is stepping further into the world of digital assets.
Google also scored for The Merge. The company had set up a countdown to the major Ethereum upgrade last month. We could thus see a small graphic that was displayed for any Internet user searching for “Ethereum Merge”. The gesture may seem innocuous, but says a lot about the level of recognition that cryptocurrency enjoys today.
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