Google is jumping on the crypto payments train by partnering with Coinbase to support payments for its cloud products in 2023.
According to a CNBC report, the crypto exchange platform’s stock rose by 8.4% after the news, giving it a breather in an otherwise difficult year.
In a statement, the companies said that the payments would be available to customers in the Web3 space, an idea of an internet section that uses decentralization, blockchain technologies, and token-based economics.
The search giant will rely on Coinbase Prime payment infrastructure to process transactions, and the crypto payment facilitator will get a commission. Meanwhile, Google will become its cloud service provider as the platform has said it will be moving some of its data-related applications from Amazon Web Services.
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Additionally, Google will use Coinbase Node to build decentralized apps on blockchains for its BigQuery crypto public datasets.
“We want to make building in Web3 faster and easier, and this partnership with Coinbase helps developers get one step closer to that goal. We’re proud Coinbase has chosen Google Cloud as its strategic cloud partner, and we’re ready to serve the thriving global Web3 customer and partner ecosystem,” CEO of Google Cloud, Thomas Kurian, said.
Mastercard had previously partnered with Coinbase to offer customers an option to buy NFTs with their cards. These acceptances by big names in tech mean that crypto is moving from obscurity to mainstream. Also, with many of them pitching their tent with Coinbase, it is giving the exchange forum more credibility. Something that it needs, given its recent troubles.
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