After Google’s announcement of its cloud computing region in South Africa, the tech giant partnered with Coinbase to accept cryptocurrencies as payments for Google’s cloud services.
According to Google Cloud Vice President and General Manager Amit Zavery, who announced at Google’s Next Conference that Coinbase will transition from Amazon Web Services (AWS) to Google Cloud Services.
The terms of the deal weren’t disclosed, but it was confirmed by Jim Midgal, Coinbase’s vice president, that Coinbase will earn a percentage of the transactions that go through it.
When it begins in 2023, a small number of clients will be able to use cryptocurrencies as payment for Google cloud services. Over time, though, this feature will be made available to all consumers.
With this, Google is aiming for a competitive advantage as other companies are yet to adapt to the payment of cloud services with cryptocurrencies. Google’s partnership with Coinbase comes at a time when we have seen cryptocurrencies dip, hitting their all-time low.
Google is hoping to attract businesses focused on Web 3 and other businesses willing to adopt cryptocurrencies.