Thanks to the integration of the services of one of the largest crypto exchanges, some clients of the digital giant will be able to pay with virtual assets for cloud services
Some Google customers will be able to pay for cloud services with cryptocurrency from the start of 2023, company representatives said during the Google Cloud Next Conference, CNBC Reports . This will be possible thanks to the cooperation of the company with one of the main cryptocurrency Coinbase exchange.
First, Google will be accept payments in cryptocurrency with a limited number of customers using the Coinbase Department of Commerce, Amit Zaveri, Vice President and General Manager and Head of Google Cloud platform, said in an interview with the American edition. Coinbase Commerce currently supports 10 currencies, including Bitcoin, bitcoin money, Dogecoin, Ethereumand Litecoin.
Overtime, Google will allow many more customers to use the cryptocurrency, says Zaveri. He also noted that the digital giant was considering using the Coinbase Main service for storing and transacting in cryptocurrency.
The agreement, announced at from google The Cloud Next conference could be successful in attracting leading companies to Google in a rapidly growing competitive market where Google’s major competitors currently do not allow customers to pay with cryptocurrency. Cloud activity helps Google Alphabet, the parent company, is diversifying away from advertising and now accounts for 9% of revenue, up from less than 6% three years ago, as it grows faster than Alphabet as a whole.
According to Amit Zaveri, Vice President and General Manager and Head of Platform at Google Cloudthe Google Cloud Platform the infrastructure service will initially accept cryptocurrency payments of a handful of Web3 customers who want to pay with cryptocurrencythrough integration with the Coinbase Sales department. Web3 is a buzzword that refers to decentralized and distributed Internet services that are not controlled by large Internet companies like Facebook or Google.
Google is also investigating how it can use Coinbase Prime, a service that stores securely cryptocurrencies for businesses and allows them to execute transactions. Google, according to Zaveri, will experiment cryptocurrency asset management and “see how we can participate”. Companies that have added cryptocurrency on their balance sheets are Block (the payment company formerly known as Square), Coinbase, MicroStrategyand You’re here. It can be a dangerous business. In August, Coinbase announced an impairment charge of $377 million related to a decline in the value of its cryptocurrency assets.
At a time, Coinbase said it would use Google’s cloud infrastructure for data storage. The exchange will migrate its applications from the Amazon Web Services cloud service it has used for years, said Jim Migdal, vice president of business development at Coinbase. He also noted that when carrying out cryptocurrency payments, Coinbase will receive a percentage of the transactions. Other terms of the agreement were not disclosed.
Cryptocurrency adoption is on the rise. Thus, at the beginning of October, a McDonald’s restaurant in the Swiss city of Lugano began accepting cryptocurrency for the payment. And in the summer he became knew that resort hotels in the Maldives and Thailand accepted digital assets.