Earlier this week, Google Partnership with Coinbase was stated, the world’s second-largest crypto exchange by volume, to accept crypto payments via Coinbase’s custody service, Coinbase Prime. Google is turning to Web3 to build out speed and interoperability for users. According to Owen Lau, senior analyst at investment company Oppenheimer, the latest collaboration between Google and Coinbase might create a precedent for future crypto-based startups wishing to cooperate with traditional organisations.
He stated that Google Partnership with Coinbase is also “validation” for the digital assets business. “Many crypto-native enterprises will follow these white-labeling paths, which are to give the back-end crypto technology to traditional organisations for them to grow their TAM,” says one analyst, or total addressable market, Lau stated, in “All about Bitcoin.”
Many crypto-native firms will pursue white-labeling options, which involve providing back-end crypto industry technology surfaces to traditional organisations to extend their TAM or total addressable market. Google said earlier this week that it would partner with Coinbase, the world’s second-largest crypto exchange by volume, to accept crypto payments through the Crypto industry, Coinbase Prime. Google is going to Web3 to improve user performance and compatibility.
The Google partnership with Coinbase, which will begin next year, would allow customers to pay for Google’s cloud services using cryptocurrencies such as Bitcoin, Ether, and even Dogecoin. Meanwhile, Coinbase’s Cloud Nodes will transition their apps, which now use Amazon Web Services, to Google Cloud. Coinbase’s stock is rated “buy” and “outperform” by Oppenheimer, with a price objective of $107.
“Coinbase is more of a digital assets enabler than a pure-play crypto exchange,” Lau added, pointing to the exchange’s audit capabilities, which include commerce, custody, and a global corporate presence. The firm just gained permission to operate in Singapore.
Why it Matters?
Paying for cloud services using cryptocurrency is a service that none of Google’s competitors presently provide. Google’s parent firm, Alphabet, diversifies its income stream, dominated by advertising, by investing in its cloud services infrastructure. (Google’s advertising ecosystem provided more than 80% of Alphabet’s revenue in the second quarter of 2022.) The agreement is anticipated to deliver a much-needed financial boost to Coinbase, which recently laid off much staff and had its stock price plunge during the “crypto winter.”
People have worked closely with the Google Cloud team for many months as this arrangement has come together. What excited us the most was seeing that the Google Cloud team realised the necessity for building crypto services and producing in web3. Google’s embrace of Bitcoin through its partnership with Coinbase is a significant achievement for the Web3 community.
This move provides much-needed confirmation for cryptocurrency fans, which will be able to execute crypto transactions through one of the world’s most prominent and well-respected firms. Although the announcement is for Google Cloud Services, a more backend-driven business, it shows that the internet giant supports cryptocurrencies and blockchain technology. It bodes well for the industry’s future as more firms, including Starbucks, embrace this groundbreaking technology, opening doors to new markets for crypto companies worldwide.
Google partnership with Coinbase to accept cryptocurrency payments for cloud services
Coinbase is a safe and secure online marketplace for purchasing, trading, transferring, and storing digital money. Our objective is to build a global open financial system and to be the dominant global brand for converting digital cash into and out of local currencies. It is a cryptocurrency exchange where you can purchase famous cryptocurrencies like Bitcoin. Coinbase may not accept every currency, but it does support over 120 distinct types of cryptocurrencies.
Meanwhile, there are hundreds of different cryptocurrencies available all around the world. Nonetheless, Coinbase allows you to exchange the most prevalent types of cryptocurrency. Thus it meets the majority of requirements.
The Google partnership with Coinbase would allow customers to pay for Google’s cloud services using cryptocurrencies such as Bitcoin (BTC), ether (ETH), and even Dogecoin (DOGE). Meanwhile, Coinbase’s Cloud Nodes will transition their apps, which now use Amazon Web Services, to Google Cloud. Coinbase’s stock is rated “buy” and “outperform” by Oppenheimer, with a price objective of $107.
Coinbase is more of a digital asset facilitator than a pure-play crypto exchange, as seen by the exchange’s audit capabilities, which include commerce, custody, and a worldwide corporate presence. The firm just gained permission to operate in Singapore.