Google announced on Tuesday (11th October 2022) that it going to accept Crypto payments for its Cloud Services from early next year. Google is going to use Coinbase’s custody service Coinbase Prime to bring this initiative to action. While Google will be utilising Coinbase Prime to accept payments, Coinbase is going to use Google’s cloud services for its data-related applications.
Amit Zavery, Vice president and Head of Platform at Google Cloud said that Crypto payments will be accepted only from select customers active in Web 3.0,
This is a big step forward for the Crypto and the Tech Industry as a whole. It also gives a clear indication that the Tech giant is ready to adapt to change.
Coinbase’s shares were up by more than 4.5% at the end of Tuesday’s trading session. While the details of the deal have not been disclosed to the public, Coinbase is going to take a percentage from the transactions it facilitates.
Google is not the first big participant in the Crypto space. Companies like Tesla and Microstrategy have Crypto on their balance sheets. Earlier this month Instagram added a feature of connecting digital wallets like Coinbase and Metamask to share NFTs with fans and followers.
Google has been actively advancing in the Web 3.0 space since the beginning of 2022 when they announced a dedicated team for digital assets. BNB Chain, Dapper Labs, Near, Solana and many others are already utilising Google’s cloud services.