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Multi-tech giant Google has announced a new partnership with leading crypto exchange Coinbase. The agreement between the two will enable a group of consumers to pay for their cloud services using virtual currencies like Bitcoin.
According to a report from CNBC, Google is aiming to investigate the use Coinbase’s custodial service Coinbase Prime, which lets customers hold and trade crypto. Coinbase also announced that it would shift some of its applications for data storage from Amazon Web Services (AWS) to Google Cloud as part of the new partnership.
Google’s partnership with Coinbase
The head of the platform at Google Cloud Amit Zavery commented on the news, stating that initially there will only be a small number of clients that are already active in Web3 who will be able to make cryptocurrency payments using the Coinbase Commerce connection. Zavery continued to add that more of its customers would eventually have access to the service.
Following the news, Coinbase shares rose as much as 8.4% in Tuesday’s trading session. Despite this increase, the share is still down by more than 70% for the year.
Jim Migdal, Coinbase’s vice president of business development, said the company has been in talks with Google for months concerning payments, its Prime service, and cloud usage. Currently, the specifics of the agreement are confidential. However, sources have said that Coinbase will earn a cut of the transactions it facilitates.
Other recent Web3 partnerships
- This agreement comes after an announcement at the beginning of the month, yet another new Web3 agreement, this one combining Google Cloud Services and Near Protocol. According to the Near Foundation’s statement, Google Cloud would provide grant applicants with “technical support”.
- BNB Chain also disclosed a partnership with Google Cloud in September to give ecosystem builders access to its cloud services.
- Since announcing that it will create a whole internal team solely focused on digital assets in a blog post on January 27, Google Cloud has been actively expanding its footprint in the Web3 realm.