Tech giant Google is reportedly partnering with crypto exchange Coinbase to allow its users to pay for cloud services with crypto assets.
In early 2023, the Google Cloud Platform will begin accepting cryptocurrency payments using the Coinbase Commerce service from select Web 3.0 developers, according to CNBC.
As part of the deal, Coinbase is moving its data applications from the Amazon Web Services (AWS) cloud to Google cloud services, according to the report.
Says Thomas Kurian, CEO of Google Cloud, in a statement,
“We want to make building in Web3 faster and easier, and this partnership with Coinbase helps developers get one step closer to that goal. 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. Our focus is making it frictionless for all customers to take advantage of our scalability, reliability, security, and data services, so they can focus on innovation in the Web3 space.”
Terms of the agreement were not disclosed, but Coinbase will reportedly earn profits from transaction fees. Google had explored other companies but settled on Coinbase, which they announced at Google’s Cloud Next conference.
According to Google, the tech giant will also use Coinbase Prime for a variety of crypto services like secure custody.
Says Brian Armstrong, co-founder and CEO of Coinbase,
“We are excited Google Cloud has selected Coinbase to help bring Web3 to a new set of users and provide powerful solutions to developers. With more than 100 million verified users and 14,500 institutional clients, Coinbase has spent more than a decade building industry-leading products on top of blockchain technology. We could not ask for a better partner to help execute our vision of building a trusted bridge into the Web3 ecosystem.”
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