In an effort to “accelerate Web3 adoption and innovation,” Google announced a partnership with Coinbase to allow select customers to pay for its cloud services with several cryptocurrencies via Coinbase Commerce.
Google intends to add a cryptocurrency-based payment option for its Cloud services customers, allowing them to pay subscription fees in cryptocurrencies. And for that, the company has partnered with Coinbase, a well-known cryptocurrency exchange platform. This collaboration is also known as web3 innovation.
According to Coinbase’s announcement, Google has chosen three major segments and tools to perform the required outcome: Coinbase Commerce, Coinbase Cloud Node, and Coinbase Prime.
However, the most important tool for accepting cryptocurrency payments is Coinbase Commerce, which will allow Google to accept payments because the tool will receive and convert cryptocurrencies. It also accepts nearly every cryptocurrency, including Bitcoin, Ethereum, USD Coin, Tether USD, Dogecoin, Shiba Inu, and many others.
As I mentioned earlier, it is more than just a collaboration because the company has adopted Coinbase Cloud Note, which will allow developers to manage the Web3-based system and Google Cloud’s blockchain data.
This implies that the company will also find Web3 technology innovation. And Coinbase Prime will assist the company in leading out on the reports and data, which Coinbase refers to as safe custody. According to Thomas Kurian, CEO of Google Cloud, “we want to make building in Web3 faster and easier, and this partnership with Coinbase helps developers get one step closer to that goal.”
Furthermore, according to the CNBC report, Coinbase will take a cut as a service fee from transactions made through their commerce platform.
In addition, the report stated that Coinbase is migrating some of its applications from Amazon Web Services to Google Cloud. Customers of Google Cloud will be able to use this service beginning early next year.
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