Source: Observatorioblockchain / Jennifer Maldonado
Google, the largest Web3 investor in 2022, has partnered with cryptocurrency exchange Coinbase to drive Web3 innovation. The Internet services giant reports in a statement that Coinbase will build its global services platform on Google Cloud, Google’s cloud development platform. For its part, the cryptocurrency exchange will provide its services to Google to enable cryptoactives as payment options in its technological solutions. As detailed by the company, crypto payments will be enabled in early 2023.
Google, Coinbase and the Web3
Thanks to their recent alliance, Coinbase will be able to use the Google Cloud platform to process blockchain data at scale. The cryptocurrency exchange used the services of Amazon Web Services, but will now move its data and analytics solutions to Google Cloud . According to Google, the move will allow Coinbase to improve the global reach of its cryptocurrency services by leveraging its premium fiber optic network. Coinbase will also be able to make use of Google’s leading data and analytics technologies to provide its customers with insights based on machine learning.
Web3 developers will also be able to access Google Cloud’s BigQuery public crypto datasets, which will be powered by Coinbase Cloud Nodes through major blockchains. The goal is for developers to be able to operate Web3 systems instantly and reliably and without having to use an expensive and complex infrastructure.
The alliance also seeks to accelerate Google’s adoption of cryptocurrencies . The internet company has been pushing its Web3 strategy through partnerships such as Sky Mavis joining as a validator for the Ronin Network sidechain. It has also created its own team to delve into this technological innovation and has invested in Web3 projects such as Golden. In fact, this year Google was crowned the largest investor in Web3 in 2022, allocating $1.506 million to companies such as Dapper Labs, Digital Currency Group, Fireblocks and Voltage.
Cryptocurrency payments and custody
As part of the partnership, Google will allow select customers building the Web3 ecosystem to pay for its cloud services with certain cryptocurrencies . The internet company will adopt Coinbase Commerce services, a solution designed to allow merchants to accept cryptocurrency payments from anywhere in the world. The adoption of crypto payments will improve the experience for Google Cloud customers and partners and increase the number of payment options it offers through its cloud services.
As a bonus, the alliance between Google and Coinbase will also push the internet giant to adopt Coinbase Prime services. Through this solution, Google will be able to offer a wide variety of cryptocurrency services to its institutional clients. Among them: custody of crypto assets, reports and more .
Preparing for the next generation of the internet
Blockchain technology is causing great changes in the Internet as we know it, driving the creation of Web3. A new generation of the Internet that combines new technologies, such as the blockchain, smart contracts or NFTs to offer a new class of completely decentralized services. In this new internet, users will be able to recover ownership of our data. However, it should be noted that this new generation of the Internet is still in the early stages of development.
In relation to Web3, the CEO of Google Cloud, Thomas Kurian, pointed out that the alliance with Coinbase is one more step to get closer to this goal. Although Google is one of the companies that dominates Web2, it claims to be ready to serve the thriving global ecosystem of customers and partners on Web3.
Kurian specified that Google seeks to provide its customers with the necessary tools to explore the potential and innovation of the next generation of the Internet. For his part, the CEO of Coinbase, Brian Armstrong, stated that Google is a great ally to build a reliable bridge to this new decentralized space.
Currently, Coinbase has more than 100 million verified users on its platform and some 14,500 institutional clients. All this makes it one of the leading centralized exchanges in the crypto industry.