The globally renowned tech firm, Google has recently announced that it has chosen Coinbase as its crypto payments, strategic partner. Google is all set to start accepting crypto payments for its cloud services in early 2023. Therefore, the multinational company will integrate the renowned exchange, Coinbase for this purpose.
The announcement of this new collaboration was made by Google’s Cloud Next conference. As of now, most competitors of Google do not support digital payments on their platforms. Therefore, this could be a new achievement for the company. It might help Google in diversifying its business offering.
On the other hand, Coinbase said that it would draw on Google’s cloud infrastructure. Currently, Coinbase relies on its retail transactions for revenue generation. However, Coinbase will be able to move data-rated applications on Google through this partnership.
Google Will Use Coinbase’s Custody Service
According to initial reports, Google plans to offer crypto payment services to selected consumers in the web3 sector. For this, the Google Cloud Platform will integrate the Coinbase Commerce Service. Nonetheless, Google will allow more customers to enjoy the service with the passage of time.
Coinbase Commerce currently supports 10 crypto assets. These include Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Dogecoin. However, the terms of the contract and agreement were not disclosed in the press release. Yet, it is evident that Coinbase will earn a percentage of transactions made through this channel.
As reports surfaced about Google’s increasing interest in crypto, it was uncertain that it would choose Coinbase for the partnership. PayPal was one of the most prominent contenders for this collaboration. However, the tech firm evaluated Coinbase to have the greatest capability among all contenders.
In addition to this, Google is also planning to use Coinbase Prime to execute trades. Coinbase Prime stores the crypto assets of organizations in secret. Thus, the company will explore how it can use Coinbase Prime effectively.
Back in May, Google gave a hint that it will add support for digital currencies soon. Moreover, it was reported that Coinbase was also in discussion with the firm for several months. Coinbase brings several services to the table, including support for commerce transactions, cloud usage, and the Prime service. The renowned crypto exchange also says that it could not ask for a better partner to propel its growth in the web3 world.
