Google will begin accepting cryptocurrency-based payment for cloud services in the early part of next year. The announcement has given big support to the global cryptocurrency market which is going through time.
An announcement was made on Tuesday at Google’s Cloud Next conference. The tech giant announced that it would accept crypto payments via integration with cryptocurrency exchange Coinbase.
Google, however, has planned to take precautionary measures when it comes to accepting Crypto payments. Initially, crypto payment will be offered to a select group of users within web3 and Web3 industry. Google will also use Coinbase’s custodial service Coinbase Prime.
“We would like to make creating within Web3 quicker and more simple and this collaboration with Coinbase will help developers move one step closer to achieving that final goal,” said Thomas Kurian, CEO – Google Cloud Services.
This tech company has been enhancing its services and features in crypto lately, including Ethereum balances in its wallets being displayed when an address is searched for on Google or BNB Chain. BNB Chain joining forces together with Google Cloud to support the growth of young-stage Web3 and blockchain-based startups. Google Cloud also offered an alarm clock for Ethereum’s latest change to proof-of-stake.
“We could not ask for an easier partner to implement our dream of creating an authentic bridge to the Web3 ecosystem,” says Brian Armstrong, co-founder and CEO of Coinbase.
Coinbase shares Coinbase were up more than 6 percent at $71.32 in trading at lunchtime on Tuesday.
“We believe that collaborations that will be formed with established players come in the future. As the cryptocurrency economy grows in the longer run, Coinbase will look more as an integrative digital asset enabler, rather than an entirely-independent crypto exchange,” said Owen Lau an analyst at Oppenheimer.
Google’s decision to start accepting Cryptocurrency for its cloud services is indeed a big boost for the worldwide crypto market which is in the doldrums. More than $2 trillion, in terms of market capitalization, has gone down the drain. The prices of top cryptocurrencies are trading at 60% – 70% lower than the price a year ago. Suspecting the recession around the corner, investors and traders have started distancing away from the Crypto market.