From the bear market witnessing several sudden changes to numerous countries and their states adopting, this year marks a lot of incidents for stakeholders in the crypto space. However, on a positive note, reputable tech corporations have collaborated with crypto firms and exchanges to better their bid to embrace cryptocurrency in their activities. A recent development in that light is the move made by Google to partner with Coinbase.
The biggest and most reputable cryptocurrency exchange in the US, Coinbase, is ecstatic about its collaboration with Google to support the latter's use of cryptocurrencies for cloud payments. Tuesday saw this announcement, which further expressed a new, protracted alliance to help enable the burgeoning Web3 ecosystem and its developers.
Google Cloud Payments, Cryptocurrency and Coinbase
According to reports from Google Cloud, a subsidiary of Alphabet Inc., Coinbase will implement this payment method in the first half of 2023 and use its computing system. Currently, the exchange platform only works with ten cryptocurrency payments, including Bitcoin, Ethereum, Litecoin, Dogecoin, and Bitcoin Cash.
Following the contract, Coinbase will utilise Google Cloud to develop its sophisticated exchange, expand data services, and handle massive blockchain amounts of data. In addition, the exchange will use Google's fibre-optic network to broaden the scope of its cryptocurrency services around the globe.
To give Coinbase customers machine learning-directed crypto insights, Coinbase will also develop its international data platform on Google Cloud's infrastructure and utilise the internet's enormous data and analytics technology.
To emphasise this, Jim Migdal, vice president of business development, stated that Coinbase would move its data-based applications from Amazon Web Services, a longtime partner, to Google Cloud. Similarly, the NEAR foundation has collaborated with Google Cloud to speed up Web3 start-ups.
As part of the partnership, Google Cloud will make it possible for some users to buy its cloud services using specific cryptocurrencies, starting with those that are part of the Web3 ecosystem.
Coinbase Cloud Nodes will also facilitate Google's Bigquery crypto public datasets across the most popular blockchains, making them available to Web3 developers.
Coinbase CEO Brian Armstrong expressed his job by stating the exchange's feat of having over 100 million endorsed users and 14,500 institutional clients. In addition, he explained how much time the platform has spent developing top and reputable products in the blockchain technology industry.
In light of this, he announced Coinbase's selection by Google Cloud and how that move will pave the way for a new set of users to access Web3 easily. He also added that this reality would offer sustainable solutions to developers.
Google Cloud CEO Thomas Kurian was not left out as he also expressed his thoughts on this partnership. He stated they want to instil a smooth and quick essence into Web3 development and that their association with Coinbase helps developers get there.
The announcement also stated that Google would use Coinbase Prime to store firms' cryptocurrencies securely and effectively execute trades.
What are your thoughts on this partnership between Google and Coinbase? Do you see success brewing from it? Please share your opinions with us in the comments section.
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