Google will allow a limited number of users to pay for its Cloud services using cryptocurrencies like Bitcoin and Ether from early next year, thanks to a new partnership with Coinbase.
Google Cloud To Accept Crypto Payments
Google could help boost cryptocurrency to an even broader audience.
According to a Tuesday CNBC report, Google said it will start offering a crypto payments option in early 2023 through a strategic partnership with major U.S.-based crypto exchange Coinbase. The announcement was made at this year’s Cloud Next conference.
Crypto payments will initially be accepted only from a select group of customers already active in the Web3 industry via the integration with Coinbase Commerce, according to Google Cloud VP/GM and Head of Platform Amit Zavery. Coinbase Commerce presently facilitates payments with around ten crypto assets such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Dogecoin (DOGE), Bitcoin Cash( BCH), and Litecoin (LTC).
As part of the deal, the search giant will use Custody Prime for its institutional cryptocurrency services, including custody and reporting. In turn, Coinbase will be expected to transfer some of its data-related applications, previously stored in Amazon Web Services, to Google’s cloud.
Zavery further noted that the crypto payments service would be rolled out to more of its customers as time goes by.
Though the terms of the deal have not been disclosed, Coinbase will take a portion of every transaction it facilitates, as has been the case with other Coinbase Commerce arrangements.
Does Google Hold The Key To Mass Crypto Adoption?
Despite historically shying away from crypto, Google Cloud is more actively growing its presence in the Web3 sector since forming a dedicated digital assets team earlier this year.
Google Cloud’s parent company, Google, has a vast user base globally. The Google Cloud + Coinbase collaboration to enable crypto payments could be the missing piece of the puzzle toward mass adoption.
Suppose the company were to roll out crypto payments to an unlimited number of users worldwide. In that case, it could be one of the most significant events for cryptocurrency adoption to date.
