On October 11th, 2022, Google announced that it will accept crypto payments for its cloud services next year. To bring this initiative to action, Google will use Coinbase Prime, Coinbase’s custody service. Google will use Coinbase Prime to accept crypto payments. Coinbase on the other hand will use Google’s cloud services for all data-related applications.
Google Cloud’s Vice President and Head of Platform. Amit Zavery has stated that crypto payments will be accepted only from select active customers in Web 3.0.
This initiative is a big step forward for the tech and crypto industry. This initiative shows a clear indication that tech giants are ready to adapt to change.
At the end of Tuesday’s trading session, the shares of Coinbase were up by more than 4.5%. While the deal details have not been publicly disclosed, Coinbase will take a percentage of all the transactions it facilitates for google through its platform.
Google is not the first tech giant to venture into the crypto space. Other tech companies like Microstrategy and Tesla have invested in crypto. This year, Instagram added a feature to connect wallets like Metamask and Coinbase to share NFTs with followers and fans.
Since the start of 2022, Google has been actively advancing in the Web 3.0 space. Google also announced a dedicated team for digital assets. Solana, Dapper Labs, BNB Chain, Near, and others are already using Google’s cloud services.
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