In a new deal signed by Google and Coinbase, cloud computing clients will now be able to make payments to Google using Cryptocurrencies.
According to Forbes report, Following the signing of a partnership between the two companies, Google will begin accepting cryptocurrency payments from some of its cloud computing customers.
It’s a move that will make it easier for Google to pursue cutting-edge crypto and Web3 companies that want to accept digital currency as a form of payment.
Coinbase will receive a portion of these payments, which will enable the company to continue to diversify away from revenue based on the trading volume of its customers’ accounts.
There have been some interesting developments that have come out of this year’s event, despite the fact that Google’s Cloud Next conference may not draw the crowds that Apple’s annual presentation or even Tesla’s AI Day does. But despite this, there have been some interesting developments.
Given that Google is now one of the older mainstays in the technology industry, the news that it intends to begin accepting bitcoin as payment for some of its cloud computing services may come as a surprise to some people.
They will rely on Coinbase to facilitate these transactions once it becomes operational in early 2023, which is estimated to occur around that time.
This has the potential to be a significant boon for both businesses as they try to extend the range of products and services they provide and vary the business methods they use. In spite of the recent setbacks, many people believe that the Web3 market still has a significant amount of untapped potential, and this acquisition grants Google access to rapidly expanding businesses operating in that market.
From the point of view of Coinbase, this will provide them with a revenue stream that is not directly related to the volume of their trades. This is extremely important for the stability of the company, which just recently had to let go of more than one thousand employees as a direct result of the precipitous drop in trading volumes brought on by the crypto winter.
What we already know about the transaction
The cloud computing business that Google runs is widely regarded as a critical component of the company’s long-term success. They are able to diversify their sources of income beyond just advertising thanks to the rapidly expanding sector, which also happens to be quite lucrative.
Due to Google’s partnership with Coinbase, businesses operating in the cryptocurrency industry will soon be able to pay for their cloud storage using cryptocurrency, thereby filling a void in the market. Currency There aren’t any large rivals in the market that let businesses operate in this manner.
A core ideology that seeks to move away from using fiat currency such as the U.S. dollar is at the root of many crypto and Web3 companies, making this a significant development for the industry as a whole. This is one reason why it is such a major deal. If they were available, many of these companies would choose to employ services that allow payments in cryptocurrencies if given the chance; however, at the moment, these services simply do not exist on the scale that is required.
