Google, one of the earliest tech companies is set to incorporate cryptocurrency into its Cloud business, a Tuesday update revealed. Meanwhile, the tech giant first indicated its plans to explore, embrace and support a few cryptocurrencies as a payment method for services offered to clients and partners.
Per the update, Amit Zavery, the Vice President and General Manager and Head of Platform at Google Cloud disclosed that through an integration with the Coinbase Commerce Service, a subset of its customers will be able to pay for Cloud services using the supported digital assets on the Coinbase payment portal. Notably, Coinbase Commerce Service (CCS) supports 10 cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), DogeCoin (DOGE), and Shiba Inu (SHIB) among others.
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However, the acceptance of crypto for Google Cloud services will begin in early 2023 and will be available for selected users in the initial stage, according to Amit Zavery. He added that subsequently, more users will be able to pay for Google Cloud services using the crypto method. Equally, Google noted that it will also leverage another of Coinbase's solutions dubbed Coinbase Prime to explore and experiment the business of storing and managing digital assets for its customers. Coinbase Prime is a service developed by Coinbase that securely stores and manages organizations' crypto assets.
Following this collaboration with Google, Coinbase, the largest United States cryptocurrency marketplace by trading volume disclosed that it will move its data-related applications to Google from Amazon Web services. It is worth noting that this strategic collaboration between these two top companies is a mutually-beneficial one. Whereas Coinbase will benefit from every transaction that goes through its payment gateway, Google Cloud would likely be picked over several competitors because of its multiple payment methods.
It is interesting to watch web2 companies slowly adopting cryptocurrency and also partnering with crypto companies. It can be recalled that Google supported the Ethereum (ETH) merge upgrade that transitioned the largest smart contract platform from a proof-of-work (PoW) to proof-of-stake (PoS) blockchain network, by providing a countdown for the merge event.
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