Google has partnered with Coinbase to allow customers to pay for cloud infrastructure with Bitcoin and other cryptocurrencies. The deal, which was announced at Google’s recent Cloud Next conference, will also see Coinbase move its data-related applications from Amazon Web Services to Google’s cloud infrastructure.
Earlier this year, Google Cloud announced the formation of teams to develop blockchain solutions. In May 2022, Google indicated that it was exploring the possibility of adding support for Bitcoin and cryptocurrency payments.
Jim Migdal, Vice President of Business Development at Coinbase, revealed that before agreeing to the partnership, they had been in talks with Google for months. These involved conversations about “supporting business transactions, use of the cloud and [Coinbase’s] First class service.”
Coming in 2023
Google will make its Bitcoin and cryptocurrency payment option available in early 2023. However, only a select group of customers will be able to use the service. The plan is to progressively allow more customers to pay for cloud services with Bitcoin and cryptocurrencies over time.
Amit Zavery, vice president and general manager and head of platform at Google Cloud, said:
The Google Cloud Platform infrastructure service will initially accept cryptocurrency payments from a handful of customers in the Web3 world who want to pay with cryptocurrencies, thanks to an integration with the Coinbase Commerce service.
As part of the deal, Google is also exploring ways to use Coinbase Prime, a custody service for organizations. In accordance with this, Google will experiment with the management of Bitcoin and other cryptocurrency assets.
Zavery also revealed that Google looked at other platforms that offer businesses a way to receive Bitcoin and cryptocurrency payments before settling on Coinbase. “We looked at other companies on the crypto side,” he said, “Ultimately Coinbase had the most capability.”
While it is known that Coinbase will get a percentage of transactions executed with Google, the exact terms of the partnership were not disclosed.
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