Tech giant Google has formed a new partnership with popular exchange Coinbase to allow select customers to pay for cloud services using crypto early next year, the company said in a press release on 11 October.
According to the announcement, Google will initially allow only a select group of clients — that are already active in the web3 space — to use crypto as payment for its cloud services, which will be made possible through the Coinbase Commerce integration. The tech giant also revealed it will be using Coinbase Prime for its institutional crypto services, such as custody and reporting. The co-founder and CEO of Coinbase, Brian Armstrong, said in a statement:
“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.”
As part of the deal, the popular crypto exchange has agreed to move some of its data-related applications from the Amazon Web Services to Google Cloud. Coinbase will further use the cloud provider to process blockchain data at scale, as well as leverage Google’s “premium fibre-optic” network to enhance its global reach.
Google Cloud has been expanding its presence in the web3 space for some time now, and most recently formed a partnership with the Near Foundation to provide “technical support” to Near grant winners. Last month the cloud provider also partnered with the BNB Chain — a blockchain closely linked to the Binance crypto exchange — to support the growth of early-stage web3 and blockchain startups.