Google collaborates with Coinbase to accept cryptocurrency payments for cloud services

By: Henry Felix

October 12, 2022 5:42 AM

Coinbase's Coinbase Prime custody service will also be utilized by the tech behemoth.

In the beginning of 2019, Google will begin to accept cryptocurrency payments for cloud services.

In a statement released at the company's Cloud Next conference on Tuesday, Google revealed that it would accept cryptocurrency payments through an integration with cryptocurrency exchange Coinbase.

At first, only a small subset of Web3 industry customers will have access to the option of making payments with cryptocurrency. Coinbase Prime, Coinbase's secure storage solution, will also be used by Google.

According to Thomas Kurian, CEO of Google Cloud, "we want to make building in Web3 faster and easier, and their partnership with Coinbase gets them one step closer to that goal."

With the addition of Ethereum wallet balances in Google Address Search and a partnership between BNB Chain and Google Cloud to foster the development of early-stage Web3 and blockchain startups, the tech giant has been beefing up its crypto features and services in recent months. The search giant also provided a timer for the upcoming switch from proof-of-work to proof-of-stake in Ethereum.

As Coinbase co-founder and CEO Brian Armstrong put it, "we could not ask for a better partner to help execute our vision of building a trusted bridge into the Web3 ecosystem."

In Tuesday afternoon trading, Coinbase shares rose by over 6% to $71.32.

"We expect this trend toward collaboration with established businesses to continue. Given the predicted long-term growth of the crypto economy, Coinbase will no longer be seen as a cryptocurrency exchange but rather an integrated digital asset enabler "according to Oppenheimer analyst Owen Lau.