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Google Cloud allows payments in cryptocurrencies - but initially only for the Web3 ecosystem

 


Google Cloud and crypto exchange Coinbase are entering into a “long-term strategic partnership” to support “the growing Web3 ecosystem.” For Google, this is the most far-reaching step into the crypto world so far.


The partnership is announced by both Google and Coinbase with largely identical press releases. In fact, it is unusually extensive.


On the one hand, Coinbase will use Google Cloud as its cloud service to "offer outstanding exchange and data services." Coinbase will use “Google Cloud’s powerful computing platform” to “process blockchain data at scale” and provide “crypto insights through machine learning.” One might assume that Google Cloud is setting up special services for Coinbase.


On the other hand, Google will also use a Coinbase product. Coinbase Prime is intended to enable selected customers to pay for the cloud services with cryptocurrencies. This should start with customers from the Web3 ecosystem, which is why payments will probably be made less in Bitcoin than in Ether or stablecoin tokens.


Web3 developers will also have access to Google's BigQuery blockchain database. This allows developers to “operate Web3-based systems immediately and reliably without requiring expensive and complex infrastructure.” Coinbase is involved to the extent that it provides the necessary blockchain nodes through “Coinbase Cloud Nodes”.


Eventually, Google will use Coinbase Prime for “institutional crypto services like escrow and reporting.” Coinbase Prime is a custody and trading platform for institutional investors and companies. What Google actually intends to do in this regard remains a mystery.


Brian Armstrong, the head of Coinbase, is of course enthusiastic. "We couldn't have thought of a better partner to realize our vision of building a trustworthy bridge to the Web3 ecosystem." But Thomas Kurian, head of Google Cloud, is also pleased: "We want to make it easier and faster, build something on Web3,” and partnering with Coinbase helps that end. We are proud to have won the stock exchange as a strategic partner, "and we are ready to support the emerging Web3 ecosystem."


One can almost speak of a merger of several services from Google and Coinbase. The extreme focus on Web3 is striking. Both press releases use this term repeatedly while not mentioning specific cryptocurrencies at all.


Coinase even reserves a paragraph of the short notice to explain what Web3 is. It is “the next generation of the internet that will enable people to own digital property in an open, decentralized environment. We are convinced that over the next few years every company and every developer will be working with Web3 – until it eventually becomes synonymous with the Internet itself.”


And if even Google agrees, maybe there will be something to it.

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