Google has announced a new partnership with Coinbase which will allow a select set of customers to pay for its Cloud services using cryptocurrencies such as Bitcoin and Ether.
Google announced on Tuesday that it will rely on Coinbase to allow some of its customers to pay for cloud storage services with cryptocurrencies in early 2023, while Coinbase said it would draw on Google’s cloud infrastructure. According to reports from CNBC, Google said it will also explore using Coinbase Prime, a service for storing and trading cryptocurrencies. Amit Zavery, vice president, general manager, and head of the platform at Google Cloud, said at the start, cryptocurrency payments will be accepted from only a select group of clients that are already active in Web 3.0 via the Coinbase Commerce integration. He added that over time, the service will be offered to more of its customers. As it stands, Coinbase Commerce facilitates payments with 10 cryptocurrencies including Bitcoin, Bitcoin Cash, Ether, Litecoin, and Dogecoin.
Coinbase generates most of its revenue from retail transactions and following this partnership will move data-related applications to Google from its previous service provider, Amazon Web Services cloud, which it had relied on for years, said Jim Migdal, vice president of business development for Coinbase.
Terms of the new deal have not yet been disclosed, but like other Coinbase Commerce arrangements, Coinbase earns a percentage of transactions that go through it according to Migdal. He added that it wasn’t a guarantee that Google would opt for Coinbase for the payments portion as PayPal for one, offers businesses a way to take payments with digital currencies. He said that ultimately, Coinbase had the greatest capability and was therefore the right choice to go with.
Google also added that it is exploring how it can use Coinbase Prime, a service that safely stores organizations’ cryptos and allows them to execute trades. Zavery added that Google will experiment and “see how we can participate” in managing cryptocurrency assets.
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