Some Google Cloud customers will soon be able to pay for services with cryptocurrency, thanks to a new partnership between Coinbase Commerce and the cloud hosting giant.
Initially, the feature is expected to only be available to select blockchain-focused companies, but it will be rolled out to other companies at a later date.
The reconciliation will offer support for payments in a wide variety of cryptocurrencies, including popular commodities like Bitcoin, Bitcoin Cash, Dogecoin, Ethereum, and Litecoin.
The service should be available in early 2023.
Coinbase Association
Coinbase will facilitate payments in exchange for a small part of the transaction, much like a company like PayPal would.
The partnership will also see Coinbase select Google Cloud as a strategic cloud provider to develop its exchange and data services.
Coinbase said it will use Google Cloud Computing Platform to process blockchain data at scale and enhance the global reach of its crypto services using Google's premium fiber optic network.
Big tech companies accepting payments via cryptocurrency is nothing particularly new in itself, with Microsoft launching a program that allowed users to top up their Microsoft Store account with Bitcoin as early as 2014, through a partnership with BitPay.
This isn't Google's first partnership in the blockchain world, either; the company recently partnered with SkyMavis, the creator of the popular NFT game Axie Infinity, to improve the security of its Ronin network following a high-profile attack.
The news appears to be seen as a huge win for Coinbase, as shares of the cryptocurrency exchange jumped 8,4% in trade immediately after the news.
We may also see more crypto integrations from Google in the future. In January 2022, Google Cloud tapped PayPal executive Arnold Goldberg to lead its payments division, who later told Bloomberg (opens in a new tab) that "cryptography is something we pay a lot of attention to." .
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