Technology major Google has teamed up with cryptocurrency exchange platform Coinbase as it looks to allow cryptocurrency payments for its cloud services. According to a press release, the two entities will leverage their strengths towards building the next iteration of the internet, dubbed Web3.
Web3 is the vision for the world wide web, where the ownership of platforms is also decentralized. This is expected to happen through the use of blockchain technology, the one that also powers cryptocurrencies and non-fungible tokens (NFTs). Tech leaders such as Elon Musk and Jack Dorsey have been claiming that the advent of this version of the internet is inevitable, and Google’s recent move may be a sign of Big Tech companies warming up to the idea.
What Google’s partnership with Coinbase entails
In a blog post by its Chief Product Officer, Surojit Chatterjee, Coinbase has given us a glimpse of this partnership. The two companies work in different environments and have collaborated for many months. They have recognized strengths on both sides that could be useful to the other organization.
To begin with, starting early next year, Google Cloud will accept payments in specific cryptocurrencies using the Coinbase Commerce platform, which allows merchants anywhere in the world to accept cryptocurrency payments. This service will be rolled out to select users of Google’s cloud services already involved in the Web3 industry.
Developers in the Web3 space are also in for some good news as Google Cloud will provide access to its blockchain data through BigQuery, powered using Coinbase’s Cloud Node service. BigQuery is Google’s platform as a service data warehouse that allows users to query big data. The partnership will allow developers to operate Web3-based systems without having to own complex and expensive infrastructure.
Google will also tap into institutional crypto services like secure custody and reporting using Coinbase’s platform for institutional clients, called Prime. Coinbase claims it has over 14,500 institutional clients that use its advanced trading platform.
Coinbase will use Google Cloud to build its exchange and data services and process blockchain data at scale. Coinbase customers will also gain machine-learning-driven crypto insights.
