With a collaboration between Google Cloud and Coinbase, cryptocurrency will become an accepted payment method for all of their customers in 2023.
It’s a really big deal that Google is switching from credit cards to cryptocurrencies. However, the new cryptocurrency-friendly exchange is Coinbase, which they just partnered with.
After the announcement, the price of Coinbase stock increased by 8.4% on Tuesday.
Economic and financial experts are predicting that digital currencies will help businesses flourish in the future. At Google’s Cloud Next conference, one of these experts said that he knew Google would get on board with digital currency payments to attract big companies. Foundational company Alphabet, who accounts for 9% of their revenue contributed over $9 billion from cloud subscriptions!
Coinbase has decided to move their data-related applications to Google Cloud from Amazon Web Services Cloud. They’ve been a longtime customer of AWS, but changes in the industry mean that these two clouds will no longer be able to coexist due to security and regulatory reasons.
Cryptocurrencies will only be accepted from a select few customers in the Web3 world, according to the vice president, general manager, and head of Google Cloud.
As cryptocurrencies become more popular, Coinbase is expanding the number of currencies they support. Over time, more customers will be able to make purchases with crypto-currencies, which have experienced a 60% drop in value over the past year.
Coinbase anticipates receiving a percentage of the transaction fees that go through its platform, while Google is exploring Coinbase Prime, which would do the same thing.