Google accepts crypto payments for cloud services from Coinbase
Coinbase’s Commerce product will enable specific Google Cloud customers to pay for cloud services using multiple cryptocurrencies.
Web3 developers will also be able to access Google’s public blockchain dataset through Coinbase’s recently announced Cloud Node technology stack. Coinbase will also provide institutional-grade custody and trading services to Google through Coinbase Prime.
Google Cloud to help Coinbase build advanced services
According to a press release, Coinbase will leverage the machine learning capabilities of Google’s data engine and fiber optic infrastructure to provide an ever-growing customer base with trading insights powered by big data analytics. Google has the transaction histories of the Bitcoin, Ethereum, Litecoin, Zcash, Hedera Hashgraph, and Dogecoin blockchains, which are available from a multi-cloud data warehouse called BigQuery.
Coinbase will also use Google’s services to help it build its exchange services and move specific trading-related applications from Amazon Web Services to Google.
“We couldn’t ask for a better partner to help execute our vision of building a trusted bridge into the Web3 ecosystem,” said Coinbase CEO Brian Armstrong.
Google is no stranger to providing scalable cloud infrastructure to Web3 companies. Dapper Labs, the company behind the famous NFT collection NBA Top Shot, brought Google on board in 2021 as the cloud provider for its growing ecosystem of products that live on the Flow blockchain.
The Hedera network, which recently inducted UK asset management firm Abrdn into its Governing Council, uses Google’s premium low-latency fiber optic network to ensure stability and maximum uptime for the Hedera distributed ledger. Hedera also uses Google cloud for its public test networks.
While there has been no indication of which cryptocurrencies Google will accept, a look at Coinbase Commerce’s website reveals that the platform supports payments in Bitcoin, Ethereum, USDC, USDT, ApeCoin, Bitcoin Cash, DAI, Dogecoin, Litecoin and Shiba Inu. Amounts received in crypto are deposited into the seller’s account, from where it can withdraw and the money is converted to fiat.
Google’s acceptance of crypto marks a reversal
Google’s acceptance of crypto payments is an important step in promoting the use of cryptocurrencies and Web3 technologies. Initially, the company was reluctant to give the crypto industry real estate on its platform.
In June 2018, it banned ads for initial coin offerings, crypto wallets, and crypto exchanges, citing significant consumer harm.
In a July 2022 policy revision, the company asserted that any business that allows the exchange, purchase or storage of crypto is not allowed to advertise on Google. This ban included advertisements for businesses offering crypto payments and crypto mining hardware. Crypto exchange and wallet ads are allowed, subject to compliance with local laws.
The company also said that crypto exchange advertising is allowed in Canada, the United Arab Emirates, Thailand and Hong Kong. In contrast, ads for exchanges and wallets are allowed in Israel, Japan, the US, France, Germany, the Philippines and South Korea, all subject to Google certification.
Following the announcement of the partnership with Coinbase, Coinbase’s share price rose 4% and is now at $70.
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