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Google partners with Coinbase to accept crypto payments for cloud services

Google Cloud logo displayed on a phone screen and Google logo displayed on a screen in the background are seen in this illustration photo taken in Krakow, Poland on May 26, 2022. (Photo Illustration by Jakub Porzycki/NurPhoto via Getty Images)
Users of Google Cloud will now be able to pay for services using bitcoin, ether, and dogecoin. Photo: Jakub Porzycki/NurPhoto via Getty

Google (GOOGL) has announced that it will partner with Coinbase (COIN) to drive Web3 innovation, including the use of the crypto exchange to accept cryptocurrency payments for cloud services.

Users of Google Cloud will now be able to pay for services using bitcoin (BTC-USD), ether (ETH-USD), and dogecoin (DOGE-USD). The long-term strategic partnership aims to foster Web3's development ecosystem.

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The announcement was made during Google’s Cloud Next conference on Tuesday, and according to a CNBC report, users will be able to pay for services using crypto from early 2023.

Coinbase has for years deployed its data-related apps on the Amazon (AMZN) Web Services cloud, but vice president of business development Jim Migdal said the crypto-exchange will now move these apps to Google data storage services.

After the announcement, Coinbase CEO Brian Armstrong said: “We are excited Google Cloud has selected Coinbase to help bring Web3 to a new set of users and provide powerful solutions to developers.

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"With more than 100 million verified users and 14,500 institutional clients, Coinbase has spent more than a decade building industry-leading products on top of blockchain technology.”

Amit Zavery, vice president, general manager and head of the platform at Google Cloud, said cryptocurrency payments will be accepted only from a select group of clients already active in Web3 via the Coinbase Commerce integration.

Google Cloud CEO Thomas Kurian added: “We want to make building in Web3 faster and easier, and this partnership with Coinbase helps developers get one step closer to that goal.”

Google Cloud has been actively developing its presence in the Web3 sector since announcing in January it will launch an entire internal team dedicated to digital assets.

Coinbase shares finished Tuesday trading up 4.65% to $70.16 each.

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