Google has announced that it has partnered with Coinbase, one of the world’s leading cryptocurrency exchanges, to allow customers to pay for its cloud services via select cryptocurrencies. This payment option will be available for a subset of customers beginning early next year, with Google additionally exploring the use of Coinbase Prime, a service for storing and trading crypto. Coinbase will also be moving some of its apps from Amazon Web Services to Google’s cloud.
Coinbase on the four parts to this partnership:
First, Google Cloud will be positioned to enable select customers, starting with those in the Web3 ecosystem, to pay for its cloud services via select cryptocurrencies through Coinbase Commerce. Coinbase Commerce is a platform that helps merchants anywhere in the world accept cryptocurrency payments. Merchants can get paid in crypto, and access powerful tools for crypto integration and business analysis. We currently support a full spectrum of merchants with Coinbase Commerce from companies like Alo Yoga to Anheuser Busch and WeWork.
Second, web3 developers will have access to Google Cloud’s blockchain data through BigQuery- and this offering will be powered by Coinbase Cloud’s Node service. The integration will allow developers to instantly and reliably operate Web3-based systems without the need for expensive and complex infrastructure.
Third, Google will use Coinbase Prime for institutional crypto services, like secure custody and reporting. Coinbase Prime is an integrated solution that provides secure custody and an advanced trading platform for institutional investors and corporates. We have over 14,500 institutional clients, including some of the largest traditional financial firms, and are thrilled to add another exceptional client to our roster.
Finally, Coinbase selected Google Cloud as a strategic cloud provider to build advanced exchange and data services. Coinbase will use Google Cloud’s powerful compute platform to process blockchain data at scale, and enhance the global reach of its crypto services by leveraging Google’s premium fiber-optic network. Coinbase will also build its global data platform on Google Cloud’s secure infrastructure and leverage their leading data and analytics technologies to provide Coinbase customers with machine learning-driven crypto insights.
Coinbase is the second-ranked cryptocurrency exchange behind Binance, according to CoinMarketCap’s current rankings. The exchange saw a volume of over $1.77 billion in the last 24 hours.