Google stated on Tuesday that Coinbase will be used in order to allow customers to pay for cloud services with cryptocurrencies come early 2023. Also, Coinbase mentioned that it would be taking advantage of Google’s cloud infrastructure.
In Tuesday’s trading session, the shares of Coinbase rose 8.4%, but stock prices have fallen more than 70% since the beginning of the year.
The deal, announced at Google’s Cloud Next conference, may succeed in attracting leading companies to Google in a fierce and booming market where Google’s top competitors are currently not allowing customers to pay in digital currencies. The cloud business helps to decentralize Google’s parent company, Alphabet, from advertising and is growing faster than the whole of Alphabet, accounting for less than 6% three years ago to now 9%.
Jim Migdal, vice president of business development at Coinbase, says that Coinbase, which earns the bulk of its revenue from retail transactions, is moving its data-related applications from the market-leading Amazon web services cloud that Coinbase has relied on for years to Google.
Amit Zavery, vice president, general manager and platform director of Google Cloud, said in an interview that a handful of customers would initially be able to pay in cryptocurrencies through Google Cloud Platform’s infrastructure services since Coinbase Commerce services are integrated with the service. Web3 is a buzzword that has come to mean a decentralized Internet service that cannot be controlled by a large Internet company like Facebook or Google.
Over time, Google will be able to make payments in cryptocurrencies for more customers, says Zavery. Coinbase Commerce supports 10 different currencies, including Bitcoin, Bitcoin Cash, Dogecoin, Ethereum and Litecoin. Bitcoin, Dogecoin and Ethereum prices have all fallen by more than 60% over the past year.
The terms and conditions of the deal were not disclosed. However, as with other Coinbase Commerce arrangements, Coinbase will get some percent of the transactions via it, said Migdal.
It did not guarantee that Google would trade with Coinbase in the settlement part. PayPal provides companies with a way to receive payments in digital currency. “In terms of cryptocurrencies, other companies have also considered it,” said Mr. Zavery. In the end, Coinbase was the most capable.
Google is also considering using Coinbase Prime, which allows organizations to securely store cryptocurrencies and conduct transactions. Mr. Zavery said that Google experimented with the management of cryptocurrency assets and “will be looking at how they can participate.” Block (formerly known as Square), Coinbase, Micro Strategy, Tesla, and others have added digital currencies to their balance sheets. It can be a high-risk effort. In August, Coinbase announced a $377 million impairment loss related to the falling value of its cryptocurrency.
Google has previously suggested that it is looking for the possibility of adding digital currency payment support in May. Migdal says Coinbase has been in talks with Google for months, and conversations about business support, cloud usage, Prime services, and more have all been happening in parallel. “We decided to do it together.”
Blockchain technology, such as Non-fungible Tokens (NFT), has become a larger focus for Google’s cloud sector. Up until now, Google’s cloud chief Thomas Kurian has been driving growth in key industries such as media and retail. This year, we announced the formation of a team that will drive the blockchain business and builds tools that third-party developers can use to run blockchain applications.
Impact of this development on the crypto world
The news that Google will be partnering with Coinbase to allow customers to pay for its cloud services using cryptocurrencies is a big boost for the crypto world. It shows that major companies are starting to recognize the potential of digital currencies and are willing to work with them. This could lead to more widespread adoption of cryptocurrencies, giving them more legitimacy and making them more valuable.
The partnership between Google and Coinbase is also a positive sign for the blockchain technology that underlies cryptocurrencies. Google has been investing in blockchain technology, and this partnership shows that it is willing to use it in its own business. This could lead to more widespread adoption of blockchain technology, which would have numerous applications beyond just cryptocurrencies.
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