In a Tuesday statement at Google’s Cloud Next conference, Google, the tech juggernaut, announced that it will adopt cryptocurrency as a payment method for some of its customers in exchange for offering Cloud services.
Amit Zavery, one of Google Cloud’s top officers, equally mentioned that they are intending to participate and try out storing and managing clients’ cryptocurrency assets, using Coinbase Prime, a service designed by the leading exchange for that purpose.
As revealed by Google, the acceptance of crypto payments for Cloud services will be switched on in early 2023, courtesy of integration with the Coinbase Commerce service.
The Coinbase commerce service supports 10 digital currencies only, including Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Shiba Inu (SHIB), and Litecoin (LTC).
In addition, Amit Zavery, the Vice President and General Manager and Head of Platform at Google Cloud noted that the Google Cloud platform infrastructure service will initially accept cryptocurrency payments from a subset of customers in the Web3 world who would choose to pay for their services with any of the supported cryptocurrencies. He added that in the long run, Google will open up for more customers to make payments with cryptocurrency.
Courtesy of this collaboration, Coinbase, the largest United States crypto exchange by trading volume is also planning to move its data-related applications to Google from the Amazon Web Services cloud, which the exchange has been relying on for several years, Jim Migdal, Coinbase’s vice president of business development revealed.
It is worth noting that the terms of this strategy deal between Google and Coinbase were not disclosed. However, Coinbase’s Vice President of Business, Jim Migdal indicated that the exchange will earn a percentage of transactions that go through its payment portal just like every other similar partnership.
Therefore, it is a mutually beneficial collaboration as this development would likely position Google Cloud for greater adoption ahead of its competitors, especially from crypto-supported organizations.
Meanwhile, it is said that Google considered other platforms that facilitate crypto payments like PayPal but Amit Zavery asserted that Coinbase had the greatest capabilities.