Google and Coinbase have announced a partnership that will enable crypto payments for cloud services, and more. Here's what you need to know:
The Details
The partnership involves a string of shared tech services between both companies:
Google will:
- accept crypto payments for cloud services from select web3 customers starting early 2023
- use Coinbase Prime for its institutional crypto services, like custody and reporting
- use Coinbase’s cloud nodes to power their BigQuery crypto public datasets for blockchain developers
Coinbase will:
- use Google Cloud’s compute platform to process blockchain data at scale
- leverage Google’s fiber-optic network
- build its global data platform on Google Cloud’s infrastructure
Shares of Coinbase were up over 6% at over $71 the afternoon following this announcement
The Strategy
Google:
- add more services to their web3 offerings, including
- ETH wallet balances showing up on Google search; and
- Cloud Services partnering with Binance to support web3 + blockchain startups
- provide solutions to developers that streamline the building process for decentralized applications (dApps)
Coinbase:
- leverage secure data sources to provide customers with ML-driven crypto insights
- improve the global reach of its crypto services by onboarding new users
- increase brand awareness and authority by partnering with one of the world’s largest tech companies
The Review
The measure of a true partnership is mutual benefit and growth opportunities for both parties. This is exactly what we see with the Google and Coinbase partnership, making it a 5/5 in my books.
Two big businesses - one traditional and one web3 - leveraging each other’s authority, audience, and technology. With a focus on a critical mechanism for web3 ecosystem growth - developers.
Disclaimer: this article reviews Google and Coinbases' recent web3 business decisions. It is not a reflection or statement of my views of these companies or any other areas of their businesses.
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