From 2023, Google's cloud services will be able to be paid for in cryptocurrency. During the Google Cloud Next conference, the company announced that it will be able to receive cryptocurrency payments through an integration with the Coinbase cryptocurrency exchange.
It will be possible to pay with cryptocurrency only Google Cloud Platform, a set of cloud services. It will be implemented through integration with the Coinbase Commerce service. It is known that Coinbase will receive a percentage of all transactions, but other details of the deal are not disclosed.
The new payment method will not be available to everyone: first, some of the clients working in Web3 will be able to pay with cryptocurrency. But it is expected that in the future Google will expand the number of customers who will be able to use this function.
Google also plans to use Coinbase Prime, Coinbase's custodial service.
Thomas Kurian, CEO of Google Cloud said they want to make development in Web3 faster and easier, and this partnership with Coinbase will help developers get one step closer to that goal.
The deal could help Google grow its cloud business and make the company more competitive in a segment where its main rivals don't yet allow their customers to pay with cryptocurrency.
The introduction of cryptocurrency payment for cloud services is not the first innovation of Google related to cryptocurrency. The company has recently added other features and services: Ethereum wallet balance is now displayed when Google searches for an address, and BNB Chain has partnered with Google Cloud to support the growth of Web3 and blockchain startups at an early stage.
The search giant also provided a countdown clock for Ethereum's recent upgrade to share proof.
In afternoon trading Tuesday, Coinbase shares rose more than 6 percent (to $71.32) after word of the partnership with Google.
According to Owen Lau, an analyst at Oppenheimer, they believe more partnerships with traditional players will follow. As the crypto economy expands over the long term, Coinbase will look more like an integrated tool for selling digital assets than a pure-play crypto exchange.
Coinbase Commerce works with 10 cryptocurrencies, including bitcoin, Dogecoin, Ethereum, and Litecoin.