Google announces payment for cloud services with cryptocurrency in cooperation with Coinbase

At the first stage of the launch, payments in digital assets will be available to a limited number of customers

11.10.2022 - 14:10

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Last updated on Aug 5, 2024

What’s new? Google announced the possibility of paying for cloud services with cryptocurrency. This payment method will appear in early 2023 and will be available to a limited number of customers at the first stage of the launch. The initiative is implemented in cooperation with the cryptocurrency exchange Coinbase, which, in turn, will use Google's cloud infrastructure in its work. It is reported by CNBC.

Information on the CNBC website

What do the companies' representatives say? Coinbase Vice President Jim Migdal said that the platform will move its data-related applications to Google. The company previously used Amazon Web Services.

Amit Zavery, head of the Google Cloud Platform, said that crypto payment acceptance will be provided through integration with Coinbase Commerce's enterprise service. Initially, some Web 3.0 companies will be able to use the new feature. However, over time, payment in digital assets will become available to a wider audience. Coinbase Commerce supports 10 currencies, including bitcoin, Bitcoin Cash, Dogecoin, Ethereum, and Litecoin.

Zavery also noted that Google is exploring options to use Coinbase Prime, a paid extension for institutional investors. Since the beginning of August, Black Rock, the world's largest investment company, has been one of the exchange service's clients.

Terms of the deal have not been disclosed, but Coinbase will receive a percentage of transactions that go through it.

In early October, smart contracts and dApps platform NEAR Protocol also began partnering with Google Cloud. The service will provide technical support for developers to create and scale projects on the NEAR blockchain.

In September projects based on the BNB Chain blockchain got access to Google Cloud infrastructure and can analyze data on the network and encrypt information using the service.

Representatives of the cloud service announced the formation of its own Web 3.0 development team in early May. In February, Google Cloud launched a service to detect mining malware.

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