Coinbase News: Google Partnership
The Coinbase news on 11 October was Google's announcement of its partnership with the cryptocurrency exchange. The move will allow some customers to pay for cloud services with cryptocurrencies in 2023. The announcement saw the exchange’s shares rise by 8.4% on the same day.
According to the deal, the tech company plans to use Coinbase Commerce, a platform that helps merchants accept cryptocurrency payments, to allow crypto payments for its cloud service. Over time the company plans to enable more customers to make payments with cryptocurrencies.
The Commerce platform supports ten cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Dogecoin, DAI, Litecoin, Shibu Inu, Tether, USD, and USD Coin.
The deal will also see the exchange move its data-related applications from Amazon Web Services to Google. The move will enable it to use the company's cloud computing platform to process blockchain data at scale and enhance the global reach of its services.
The exchange will also be able to leverage Google Cloud’s leading data and analytics technologies to provide its customers with machine learning-driven cryptocurrency insights.
The tech company also plans to use Coinbase Prime. This service provides a secure store for organizations' cryptocurrencies and allows them to execute trades, for institutional crypto services such as secure custody and reporting.
According to Amit Zavery, vice president and head of the platform at Google Cloud, it was not a guarantee that they would have gone with the crypto platform for the payments portion of the deal. They had looked into other companies, including Paypal, but settled on it because "it had the greatest capability".
This Coinbase news did not surprise many people, as the tech company had previously indicated it was exploring the potential of adding support for payment with digital currencies.
Support for the partnership
The tech company had been in discussions with the crypto platform for months before the deal was made public. In support of the partnership, Brian Armstrong, CEO and co-founder of the exchange, said they are excited that the tech company has selected them to provide developers with powerful solutions and to help bring Web3 to new users.
Armstrong added that the exchange has spent more than ten years building industry-leading products on top of blockchain technology and they were happy about the new opportunities the partnership brought. Thomas Kurian, CEO of Google Cloud, said that they want to make building in Web3 faster and easier, and that the partnership with the exchange helps developers get closer to that goal.
He added that they were proud the exchange had chosen them as a partner and they were ready to serve global Web3 customers and partners.
Many in the crypto space are excited about the Coinbase news and welcome the partnership. They see it as a big win for the crypto industry and hope for more partnerships between blockchain-based and traditional companies.
Author: Jay Jackson
Jay Jackson is a crypto trader, researcher and freelance writer. He works closely with people and businesses in the crypto sphere, writing blog posts, guides, press releases, reviews and ebooks.