Breaking: Google taps Coinbase to bring crypto payments to cloud services

Google says early next year users will be able to pay for cloud services using cryptocurrencies like Bitcoin and Ethereum via Coinbase.

Google announced a new deal with Coinbase, which will allow a select set of customers to pay for its Cloud services using digital currencies such as Bitcoin (BTC) and Ether (ETH). This will take effect early next year.

According to CNBC on Oct. 11, the tech giant also plans to explore using Coinbase Prime, which is a custodial service for storing and trading cryptocurrencies.

In return, Coinbase announced it will move some of its data-related applications, which were initially stored using Amazon Web services, over to Google’s cloud.

Amit Zavery, vice president and general manager and head of platform at Google Cloud, said on the onset, cryptocurrency payments will be accepted only from a select group of clients already active in Web3 via the Coinbase Commerce integration.

Zavery further stated that, over time, the service will be offered to more of its customers.

Coinbase Commerce currently facilitates payments with 10 cryptocurrencies including Bitcoin, Bitcoin Cash (BCH), Dogecoin (DOGE), Ether and Litecoin (LTC). 

Related: Coinbase gains in-principle approval for Singapore crypto license

The vice president of business development of Coinbase, Jim Migdal, said conversations with Google about payments, its Prime service, and cloud usage have been in the works for months.

Details of the deal remain undisclosed to the public, however, Coinbase will take a percentage of transactions that it facilitates as it is with other Coinbase Commerce deals.

This development comes after another recent Web3 partnership involving Google Cloud Services and the Near Protocol. On Oct. 4 the announcement from the Near Foundation revealed that Google Cloud will offer “technical support” to Near grant recipients.

In September, BNB Chain also revealed a collaboration with Google Cloud to offer builders in the ecosystem access to its Cloud services.

This story is developing and will be updated with new information.