NewsletterJust In: Google, Coinbase Tie Up For Crypto Payments In Some Services
Tech major Google on Tuesday announced its plans to partner with crypto exchange Coinbase for various applications. Starting early next year, some of Google Cloud users would be able to pay for the services with cryptocurrencies. In a separate partnership, Coinbase would shift to Google Cloud for its operations. The deal involving crypto payments could be a significant step in crypto adoption, with long term implications. The announcement carries high importance considering Google’s massive presence across technologies and Coinbase’s huge user base.
Crypto Payments Powered By Coinbase For Google Cloud Users
The announcement on the partnership was made at Google’s Cloud Next conference on Tuesday. According to a CNBC report, the crypto payment feature would be initially offered to a select few customers. This would be the first step before expanding the feature to all the Google Cloud users, said Amit Zavery, a Google executive. He added that Google tried out crypto payment products from several other companies before zeroing in on Coinbase.
“The Google Cloud Platform infrastructure service will initially accept cryptocurrency payments from a handful of customers in the Web3 world who want to pay with cryptocurrency.”
On the other side, this could be a great opportunity for Coinbase to further expand its user base to institutions. The Google deal comes at a time when the crypto exchange is actively engaged in expanding operations beyond the U.S.. Earlier on Tuesday, Coinbase obtained license for the digital payment token services from Singapore’s central bank. This development in the South Asian country is in addition to its active operations in several countries in Europe.
Coinbase Operations Now On Google Cloud
Thanks to this deal, Coinbase said it will now move its cloud operations from Google to Amazon. Jim Migdal, a Coinbase executive, said the company will move data related applications to Google from the Amazon Web Services cloud.
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