Google and Coinbase Partnership

The partnership between Google and Coinbase will allow the tech giant to accept crypto payments through an integration with the crypto exchange. Amit Zavery, Google Cloud’s Vice President and General Manager, explained that this collaboration with Coinbase is facilitated through Coinbase Commerce, which handles crypto payments for merchants. Initially, the service will be available to select customers within the Web 3 industry, who will be able to make payments using various cryptocurrencies. Currently, Coinbase Commerce supports ten cryptocurrencies, including Bitcoin, Ether, Litecoin, Bitcoin Cash, and Dogecoin. This feature will gradually be expanded to additional users.

The announcement took place during Google’s Cloud Next Conference on Tuesday. The impact of this collaboration will become apparent in early 2023 when crypto payments for cloud services will be officially introduced. This partnership allows Google to maintain its position as a leader in the industry, staying ahead of competitors.

Coinbase’s Shift from AWS to Google Cloud

For several years, Coinbase has utilized Amazon Web Services (AWS) to host its data-related applications. However, this new partnership will see Coinbase transition from AWS to Google Cloud’s infrastructure. Jim Migdal, Coinbase’s Vice President of Business Development, confirmed that the crypto exchange would move its data-related applications to Google’s data storage services. He also shared that discussions with Google had been ongoing for months. Additionally, Google plans to utilize Coinbase Prime to securely store cryptocurrencies for organizations.

Brian Armstrong, CEO of Coinbase, expressed his enthusiasm about Google Cloud selecting Coinbase to make Web3 more accessible to new users and provide effective solutions for developers. He also highlighted that Coinbase has reached over 100 million verified users and 14,500 institutional clients. Over the past decade, Coinbase has developed industry-leading products alongside blockchain technology.

Google’s Increased Interest in Crypto

Previously, Google was somewhat cautious or even skeptical about the cryptocurrency industry, as reported by CryptoChipy. At one point, the company did not allow crypto advertisements on its platform. However, in June 2021, Google announced that it would revisit this policy and allow crypto-related ads. This marked the first step toward the company’s growing interest in crypto, which also led to a surge in activity among brokers, exchanges, and other platforms. Google’s parent company, Alphabet, even invested $1.5 billion in various blockchain companies, including Dapper Labs and Alchemy.

Google’s CEO, Thomas Kurian, did not disclose the specifics of the recent agreement with Coinbase but mentioned the company’s goal of building a faster and more accessible Web3.0. This partnership with Coinbase will help developers achieve that goal. Google Cloud has also been working to establish a presence in the Web3 space. In January, the company announced that it was creating an internal team dedicated to digital assets. To further solidify its commitment, Google hired former PayPal executive Arnold Goldberg to lead its payment division and explore the use of crypto as a payment method. Additionally, in September 2022, Google partnered with SkyMavis, the creator of the popular play-to-earn NFT game Axie Infinity, to help the company upgrade the security of its Ronin network after a $600 million breach.

Google also expanded its crypto-related features by displaying Ethereum wallet balances when users search for an address on the platform. The BNB Chain collaborated with Google Cloud to develop Web3 and blockchain startups in their early stages. CryptoChipy also reported that Google counted down to Ethereum’s merge event in September.

Following the announcement of the partnership, Coinbase’s stock rose over 6%, reaching $71.32. CryptoChipy predicts that such partnerships will continue to emerge in the crypto world and Web3.0, driving the long-term growth of the crypto economy. Coinbase is expected to evolve from being just a crypto exchange to a more integrated digital asset enabler.