Google will start accepting crypto payments for cloud services early next year.
announced that it will work with to start letting some customers pay for cloud services with cryptocurrencies early in 2023, while COINBASE said it would draw on Google’s cloud infrastructure.
Crypto payments will initially be rolled out to a handful of customers involved in the Web3 industry. Google will also using Coinbase’s custody service, Coinbase Prime.
“We want to make building in Web3 faster and easier, and this partnership with Coinbase helps developers get one step closer to that goal,” – Thomas Kurian, CEO of Google Cloud.
Brian Armstrong, co-founder and CEO of Coinbase, stated: “We could not ask for a better partner to help execute our vision of building a trusted bridge into the Web3 ecosystem.” “We believe more partnerships with traditional players will follow. As the crypto economy expands longer term, Coinbase will look more like an integrated digital asset enabler than a pure-play crypto exchange.”
Google has been expanding its crypto features and services recently, with Ethereum wallet balances now showing up when an address is searched on Google, and BNB Chain partnering with Google Cloud to support the growth of early-stage Web3 and blockchain startups.
Over time, Google will allow many more customers to make payments with cryptocurrency, Zavery said. Coinbase Commerce supports 10 currencies, including Bitcoin, Bitcoin Cash, Dogecoin, Ethereum and Litecoin.
Terms of the deal weren’t disclosed. But like other Coinbase Commerce arrangements, Coinbase will earn a percentage of transactions that go through it, Migdal said.
Google is also exploring how it can utilize Coinbase Prime, a service that securely stores organizations’ cryptocurrencies and allows them to execute trades. Zavery said Google will experiment and “see how we can participate” with managing cryptocurrency assets.
Google had previously that it was exploring the possibility of adding support for payments with digital currencies. Coinbase had been in discussion with Google for months, with conversations about supporting commerce transactions, cloud usage and the Prime service with cryptocurrencies.
Blockchain technologies and cryptocurrencies have become a bigger focus for Google’s cloud division. Previously, Google’s cloud chief, Thomas Kurian, has pushed for growth in major industries such as media and retail. This year it announced the creation of departments to increase blockchain businessbuild tools that third-party developers can utilize to run blockchain applications.
