Google announces strategic partnership with Coinbase!

Google has announced a new strategic partnership with a major crypto-currency exchange, Coinbase. The partnership was announced at Google’s Cloud Next conference.

Although Google’s parent company, Alphabet, is the biggest sponsor of blockchain, Google has mostly stayed away from the ecosystem until now. Earlier in May, Google announced that it was exploring the possibility of accepting payments with digital currencies. Of all the companies reviewed, Coinbase had the most capabilities.

As a result, Google will now allow users of its Cloud service to pay for their usage with crypto-currencies. For its part, Coinbase will migrate its data-related operations from Amazon Web Services to Google’s cloud infrastructure.

Benefits of strategic partnership with Coinbase

While full details of the partnership have not been made public, the two parties will interact on several levels.

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In addition to the aforementioned points of interaction, Coinbase will also build its global data platform on top of the cloud infrastructure and provide Coinbase customers with crypto-currency insights by leveraging the platform’s analytics technologies.

At the same time, Google will use Coinbase Prime for custody services and reporting. It will also grant Web3 developers access to Google’s public BigQuery crypto datasets through Coinbase Cloud Nodes.

Coinbase CEO Brian Armstrong said he is delighted that Google Cloud has decided to partner with Coinbase to bring new Web3 solutions. He stated. :

“We couldn’t ask for a better partner to help execute our vision of building a bridge of trust in the Web3 ecosystem.”

Similarly, Thomas Kurian, CEO of Google Cloud, emphasized that the company is ready to serve the growing Web3 ecosystem. He stated:

“Our goal is to make it easy for all customers to leverage our scalability, reliability, security and data services, so they can focus on innovation.”

Crypto-currency payments will be available selectively.

Initially, Google will only allow a handful of customers to use crypto-currencies to pay for its cloud services. Over time, the payment option will become more widespread.

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As more and more businesses need cloud services, Google Cloud offers Alphabet an important way to diversify its revenue. By partnering with Coinbase, the firm could get ahead of other competitors that don’t yet have such a payment option.

Following the announcement, Coinbase shares are up about 3.6% to $69.42 during pre-market trading.

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