Google Partners With Coinbase To Accept Crypto Payments

October 12, 2022 9:12 pm Comments

Tech giant Google will now be partnering with Coinbase in order to accept crypto payments for cloud services this year.

This marks a major milestone for digital assets as big tech companies may soon be following the trend and embracing digital assets within their business models.

Although this is just a start, it can be expected over time that the use case for crypto payments will expand beyond just cloud services for the company.

Google revealed that it will also be using Coinbase’s custody service which is called Coinbase prime and has been focused on building Web3.0.

CoinDesk reports:

“We want to make building in Web3 faster and easier, and this partnership with Coinbase helps developers get one step closer to that goal,” said Thomas Kurian, CEO of Google Cloud.

The tech giant has been adding to its crypto features and services recently, with Ethereum wallet balances now showing up when an address is searched on Google, and BNB Chain partnering with Google Cloud to support the growth of early-stage Web3 and blockchain startups. The search giant also provided a countdown clock to Ethereum’s recent upgrade to proof of stake.

Brian Armstrong, co-founder and CEO of Coinbase, said: “We could not ask for a better partner to help execute our vision of building a trusted bridge into the Web3 ecosystem.”

Shares of Coinbase were up over 6% at $71.32 in afternoon trading on Tuesday.

“We believe more partnerships with traditional players will follow. As the crypto economy expands longer term, Coinbase will look more like an integrated digital asset enabler than a pure-play crypto exchange,” said Owen Lau, analyst at Oppenheimer.

The announcement was made at Google’s Cloud Next conference and this integration with Coinbase will allow for a variety of different cryptocurrencies.

Right now, Coinbase Commerce supports roughly 10 different currencies such as Bitcoin, Dogecoin, Litecoin, and more.

In addition to using more crypto services, the company also hinted at exploring how to manage crypto assets in a way that is similar to companies like Tesla and Microstrategy.

These companies have included cryptocurrencies as part of their balance sheets which can be both a profitable and risky endeavor.

CNBC concludes:

Google had previously indicated in May that it was exploring the possibility of adding support for payments with digital currencies.

Migdal said Coinbase had been in discussion with Google for months, with conversations about supporting commerce transactions, cloud usage and the Prime service all happening in parallel. “We decided to bring them together,” he said.

Blockchain technologies such as nonfungible tokens, or NFTs, have become a bigger focus for Google’s cloud division.

Previously, Google’s cloud chief, Thomas Kurian, has pushed for growth in major industries such as media and retail. This year it announced the formation of teams to drum up blockchain business and build tools that third-party developers can draw on to run blockchain applications.

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