Google Cloud and cryptocurrency exchange Coinbase have announced a long-term partnership that aims to bolster the pair’s Web3 ambitions.
The collaboration details that Google will select customers in the Web3 sector to enable them to pay for its cloud services via cryptocurrency, one of the first instances in which the major tech platform has warmed to the integration of crypto payments.
Google Cloud will use Coinbase Commerce – which allows merchants to accept cryptocurrency payments in a decentralised approach – to offer a new benefit to its customers by diversifying the payment experience and increasing the optionality of its cloud services.
Conversely, as a part of the long-term collaboration, Coinbase has selected Google as its primary cloud provider in order to build “advanced exchange and data services”.
“We want to make building in Web3 faster and easier, and this partnership with Coinbase helps developers get one step closer to that goal,” said Thomas Kurian, CEO of Google Cloud.
“We’re proud Coinbase has chosen Google Cloud as its strategic cloud partner, and we’re ready to serve the thriving Web3 customer and partner ecosystem.
“Our focus is making it frictionless for all customers to take advantage of our scalability, reliability, security, and data services, so they can focus on innovation in the Web3 space.”
Coinbase will also use Google Cloud’s compute platform to process blockchain data to scale and enhance its global reach of its crypto services by leveraging Google’s fibre-optic network.
The crypto exchange platform has eyes on building its global data platform on Google Cloud’s infrastructure, as it can leverage its data and analytics technology to provide its customers with machine learning-driven crypto insights.
Coinbase Co-Founder and CEO, Brian Armstrong, commented: “We are excited Google Cloud has selected Coinbase to help bring Web3 to a new set of users and provide powerful solutions to developers.
“With more than 100m verified users and 14,500 institutional clients, Coinbase has spent more than a decade building industry-leading products on top of blockchain technology. We could not ask for a better partner to help execute our vision of building a trusted bridge into the Web3 ecosystem.”
Furthermore, Web3 developers can access Google’s BigQuery crypto public datasets that have been powered via Coinbase’s cloud nodes, accessible across a plethora of blockchains, affording operators a cost-effective structure.
Google also states it intends to use Coinbase Prime for any institutional crypto services such as secure custody and reporting in the future.