© Reuters
Investing.com – Google (NASDAQ:) said it will leverage Coinbase (NASDAQ:) to allow certain customers to pay for cloud services with crypto in 2023. Deal could give Google an edge on its competitors who do not offer the possibility of paying with digital currencies.
Coinbase, which generates the majority of its revenue from retail transactions, will transfer data-related applications to Google from the market-leading Amazon Cloud (NASDAQ:) Web Services, which Coinbase uses, said Jim Migdal, vice -president of business development at Coinbase.
The Google Cloud Platform infrastructure service will initially accept cryptocurrency payments from a handful of customers in the Web3 world who wish to pay in cryptocurrencies, thanks to an integration with the Coinbase Commerce service, according to Amit Zavery, Vice President and General Manager and Head of Platform at Google Cloud. Over time, Google will allow more customers to make cryptocurrency payments, Zavery said.
Terms of the deal were not disclosed. But like other Coinbase Commerce deals, Coinbase will earn a percentage of transactions that go through it, Migdal said.
Google is also exploring the possibility of using Coinbase Prime, a service to store cryptocurrencies for businesses and allow them to transact. Mr. Zavery said that Google will experiment and “see how we can participate” in the management of cryptocurrency assets.