Get Alphabet Inc. Report, through its subsidiary Google, has just provided the cryptocurrency sector with the kind of unwavering support it has been seeking as it has stepped up its efforts in recent months to promote widespread adoption of the technology.
In order to pay for its cloud computing services, Google now accepts cryptocurrency payments.
Companies and web3 project developers will be able to pay using a variety of digital currencies provided by Coinbase (COIN) thanks to Google Cloud. In fact, this choice is a result of cooperation with the cryptocurrency platform, the only open platform that allows users to purchase and trade cryptocurrencies.
The company has begun to diversify, and Coinbase Commerce is a part of that. Ten of the most well-known cryptocurrencies are supported, including Bitcoin, Ether, Tether USD, Bitcoin Cash, Dogecoin, Shiba Inu, USD coin, Litecoin, DAI, and Apecoin. This enables businesses to accept cryptocurrency payments and bill their clients in these ten cryptocurrencies.
A select group of cryptocurrency-related businesses will be able to pay with cryptocurrencies through Coinbase Commerce at first thanks to Google Cloud. The Internet behemoth will provide this choice to more businesses in a subsequent step.
The service will start working in 2023.
Deal that favours Coinbase
The firms stated in a joint press statement that “as part of the agreement, Coogle Cloud is positioned to enable select clients, starting with those in the Web3 ecosystem, to pay for its cloud services via select cryptocurrencies.”
The new payments experience will benefit Google Cloud’s customers and partners by enhancing the optionality of payments for Google Cloud services. It is powered by Coinbase Commerce, which enables businesses worldwide to accept cryptocurrency payments in a decentralised manner.
The most recent version of the internet, known as web3, will take the place of the current internet, or web2. The internet is viewed as being decentralised, giving users and customers back control over their data. The internet will no longer be ruled by the giant tech companies like Google and Meta.
The Google relationship is fantastic news for Coinbase since it may draw a lot of businesses to the platform who want to benefit from the Google ecosystem.
Additionally, Coinbase ought to get a share of each transaction.
The financial details of the partnership between Google and Coinbase were kept under wraps.
They are thrilled that Coinbase has been chosen by Google Cloud to help introduce Web3 to a wider audience and offer developers solid solutions, said Coinbase co-founder and CEO Brian Armstrong. Coinbase has invested more than ten years building industry-leading products on top of blockchain technology, with more than 100 million verified users and 14,500 institutional clients, according to the company.
The new partners have also made it seem like they might be able to keep their collaboration going. Google intends to make use of Coinbase Prime, a service that securely stores and facilitates trading of businesses’ cryptocurrency.
According to the firms, Google will use Coinbase Prime for institutional cryptocurrency services like secure custody and reporting.
This collaboration gives Google the chance to catch up to its two biggest cloud rivals, Amazon (through AWS) and Microsoft (via Azure), who currently control the market.
Unsafe Bet
The data-related applications used by Coinbase will be moved from AWS to Google. At the moment, neither AWS nor Azure allow for bitcoin payments. The growth of Google Services, Alphabet’s strategy to lessen its reliance on advertising revenue, is encouraging. Even though it only has 9% of the market, it is growing.
The Mountain View behemoth is wagering that by embracing the crypto sector, which aims to displace traditional financial services and revamp the internet’s underlying protocols, it will be able to catch up. Above all else, Google will seem to be the go-to resource for programmers creating software for the crypto cosmos, which encompasses virtual currencies, web3, and the metaverse.
Thomas Kurian, CEO of Google Cloud, said, they are honoured that Coinbase has selected Google Cloud as its strategic cloud partner, and they are ready to support the booming worldwide Web3 customer and partner ecosystem. So that they can concentrate on innovation in the Web3 domain, their focus is on making it frictionless for all clients to take advantage of our scalability, dependability, security, and data services.
Risks are there in the cryptosphere, nevertheless. Prices fluctuate widely. The cryptocurrency market has lost more than $2 trillion since hitting an all-time high of $3 trillion in November.
