Google partners with Coinbase to accept crypto for its cloud services

American multinational technology company Google has recently announced that it is partnering with Coinbase to let select users pay for its cloud services with cryptocurrencies early next year, while the exchange would draw on Google’s cloud infrastructure.

In a competitive, quickly expanding sector where Google’s leading competitors do not now allow customers to pay with digital currencies, the agreement, which was revealed at Google’s Cloud Next conference, may be successful in bringing cutting-edge enterprises to Google.

Coinbase Commerce service’s integration

According to Jim Migdal, vice president of business development at Coinbase, which depends heavily on retail transactions for the most of its revenue, data-related apps will be relocated from the market-leading Amazon Web Services cloud to Google.

Amit Zavery, vice president and general manager and head of platform at Google Cloud, stated in an interview with CNBC that the Google Cloud Platform infrastructure service will initially accept cryptocurrency payments from a small number of customers in the Web3 world who want to pay with cryptocurrency. This would be possible through an integration with the Coinbase Commerce service.

According to Zavery, Google will eventually permit a lot more users to make purchases with cryptocurrencies. Ten different currencies, including Bitcoin, Bitcoin Cash, Dogecoin, Ethereum, and Litecoin, are supported via Coinbase Commerce.

The agreement’s terms weren’t made public  ut like other Coinbase Commerce partnerships, Migdal added, the exchange will earn money from the transactions that pass through it.

Google is also investigating the use of Coinbase Prime, a service that securely keeps the businesses’ cryptocurrency and enables them to make trades. Google, according to Zavery, would test the waters and “see how we could participate” in the management of cryptocurrency assets.

In May, Google formed a Web3 team and hinted at its plans to explore the possibility of adding crypto payment support for its Cloud services. Moreover, earlier this year, its payment platform Google Pay hired PayPal executive to achieve its crypto payments goals.