In a new announcement, Google will start accepting payments in cryptocurrencies. Furthermore, Google will use Coinbase’s custody services process and accept payment. Both Google and Coinbase are coming together to bring Web3 technology into the mainstream and add another use case of the technology.
Additionally, in just two hours of the announcement of this partnership, the Coinbase stock rises exponentially.
Quick Take:
- Tech giant Google will use Coinbase’s custody service to accept crypto payments.
- Initially, a new customer will have the option to pay with Crypto.
- The move has a motive to help make the development of the Web3 space faster and easier.
Announcement of Coinbase and Google Partnership at the Conference
Google announced the new payment system integration at Google’s Cloud Next conference. Google is again making headway in a new direction where its competitors are not present yet. Moreover, these payments will integrate with the Google Cloud Platform, and the services will initially open up for a few customers only.
Overtime, more customers can make payments with cryptocurrencies. The exact terms of how Coinbase will benefit from this partnership is not shared yet. However, it can be expected that Coinbase will earn a percentage of each transaction taking place through its platform.
Google will use Coinbase Commerce, a tool that allows businesses to receive, accept, and convert cryptocurrencies such as Bitcoin, Ethereum, USD Coin, Tether USD, Dogecoin, Shiba Inu, and others, to enable these payments. As per CNBC, Coinbase will charge a fee for transactions conducted through its e-commerce platform.
Google intends to store and trade cryptocurrencies using Coinbase Prime, a “institutional-grade” crypto trading platform primarily designed for large corporations.
“We want to make building in Web3 faster and easier, and this partnership with Coinbase helps developers get one step closer to that goal.”
Thoman Kurian, CEO of Google Cloud
CNBC stated that as part of the deal, Coinbase is moving some of its “data-related applications” from Amazon Web Services to Google Cloud. Google will also start to power its BigQuery crypto public datasets with Coinbase Node, a tool that developers can use to connect to blockchains and build decentralized apps.
This fits with Google’s plan to give Web3 developers a back end, for which CNBC says Google put together a team earlier this year.
“We could not ask for a better partner to help execute our vision of building a trusted bridge into the Web3 ecosystem.”
CEO and Co-founder of Coinbase
As a part of this collaboration, Coinbase will also move data-related applications to Google. Google’s choice of Coinbase as their partner comes after analyzing other players as well. In the end, Google chooses Coinbase because it has the greatest capability, according to Amit Zavery.
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