Market Analysis Report (12 Oct 2022)

Google has said it will start letting some customers pay for cloud services using cryptocurrencies in early 2023 thanks to a partnership with crypto exchange Coinbase, which will facilitate the payments through Coinbase Commerce.

Coinbase is set to earn a portion of the cryptocurrency payments made for Google’s cloud services. Initially, the Google Cloud Platform infrastructure will accept cryptocurrency payments from customers in the Web3 space who want to pay in crypto, according to the vice president and head of platform at Google Cloud, Amit Zavery.

Coinbase Commerce accepts several cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), USDCoin (USDC), Tether (USDT), ApeCoin (APE), Dogecoin (DOGE), and Shiba Inu (SHIB).

The deal was announced at Google’s Cloud Next conference and may lure blockchain-native companies to Google in the fast-growing cloud computing market, in which Google competes with other tech giants, including Microsoft and Amazon, which do not accept cryptocurrency payments.

Google is also reportedly exploring how it can use Coinbase Prime, a service that securely stores organizations’ digital assets and allows them to execute trades. Zavery noted Google would “see how we can participate” in managing cryptocurrencies.