In particular, cloud services will initially accept payments in cryptocurrencies from a small portion of customers in the Web world3.
A partnership with one of the largest cryptocurrency exchange platforms, Coinbase, was announced by Google at the Cloud Next conference.
As a result of the partnership, some of Google’s customers will be able to pay with cryptocurrencies for cloud services starting in 2023, while CoinBase will be able to leverage Google’s cloud software.
In particular, cloud services will initially accept payments in cryptocurrencies from a small portion of customers in the Web3 world. These will be decentralized Internet services, which will not be controlled by large technology companies.
But as Amit Zavery, head of platforms at Google Cloud, said, over time Google will allow many more customers to make payments in cryptocurrencies. Notably, the Coinbase Commerce service supports 10 cryptocurrencies, including Bitcoin, Bitcoin Cash, Dogecoin, Ethereum and Litecoin.
As a result of the deal, Google is betting on the rise of an innovative and fast-growing market from which it is likely to squeeze notable profits. It is noted that in this way, cloud services help Google to chart a new course away from advertising, from which the Alphabet group derives around 9% of its revenues.
From the perspective of Coinbase, which generates the largest share of its revenue from retail transactions, the deal is also a turning point, as it “migrates” to Google’s cloud services from Amazon, which it has relied on for years.
It is noted that Google is also looking at leveraging Coinbase Prime, a service that stores organizations’ cryptocurrencies and allows them to execute transactions.
