This is one of the biggest news today and probably this will make a lot of the crypto community so happy. The title itself is great news for the community because Google is involved and we all expect big giants to be part of the crypto community. Finally, Google has announced that they have partnered with Coinbase exchange to accept crypto payments. So after this partnership, Google will be accepting payment for their cloud services through crypto with leading coins like Bitcoin, Ethereum, or dogecoin, etc. I still remember that in the year 2018 Google was one of the companies that were banning advertisements related to cryptocurrencies and now after four years they have announced the partnership. This is a good move for the crypto and hopefully, many more companies will join.
Such partnerships are needed for mass adoption in the crypto market. With this partnership, Google has shown its positive side toward crypto. As of now, it's difficult to say whether they will be exploring more possibilities with blockchain and crypto. This partnership will be effective in the next year and for their cloud services they will provide the crypto payment option and the infrastructure will be enabled by the Coinbase exchange. There is another twist that is also worth noting Coinbase will be moving some of the applications from Amazon Web service to Google cloud as part of the new partnership. So it's like a win-win situation for both the companies including Google and Coinbase where Google will be adding another option for the users and Coinbase will be using Google servers for their infrastructure applications.
“We want to make building in Web3 faster and easier, and this partnership with Coinbase helps developers get one step closer to that goal,” Thomas Kurian, the CEO of Google Cloud said in a statement. “We’re proud Coinbase has chosen Google Cloud as its strategic cloud partner, and we’re ready to serve the thriving global Web3 customer and partner ecosystem.
Amazon Web service is another biggest cloud service provider and it is also expected that they will join the race because after this partnership probably many companies dealing in crypto will prefer to use Google's cloud service. Many companies are working in crypto across the world and this change might start a transition from Amazon to Google which will be revenue loss for the company. Now we will need to see how Amazon reacts to this because they are going to lose their revenue because of this change and what will be their strategy to retain their business as well as to increase revenue numbers. I will not be surprised I believe if they also announce something like this soon and if that happens then we can expect crypto to be even more popular than it is now.
Google is part of our life but this changes mostly for the big companies where cloud services are used maybe later they also think about providing the crypto payment option to retail users. The beginning is not bad and it also opens the door of opportunity where you just might be provided similar options to pay for Google services. Google is a very big company offering a bunch of services on a subscription basis and if adopting the crypto model can add more business then I'm sure that the company will pursue it further.
We are still in the bear market and we often see more adoptions and innovation this time. It is hard to say when we are going to see the bullish sentiments in the market but even now the kind of work is going on is good enough to add more value. This is the time when we need to build our portfolio bigger so that when the market rise we can book bigger profits and that way our investment is way more profitable.
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