A short time ago, Google demonstrated its opposition to crypto by banning all related advertising. But now Coinbase’s Commerce product is said to allow certain Google Cloud customers to pay for services with different cryptocurrencies.
Soon, Web 3 developers will be able to access Google’s public blockchain data via Coinbase’s recently announced “cloud node technology stack.” In return, Google will have access to Coinbase Prime’s custody and trading services.
Coinbase is improving its services
According to a press release Coinbase will use machine learning from Google’s calculator and fiber optic infrastructureto provide trade-relevant insight and analysis to their growing customer base. Google has the transaction history of Bitcoin, Ethereum, Litecoin, Zcash, Hedera Hashgraph and Dogecoin blockchains. This data is available through a multi-cloud data warehouse called BigQuery.
In addition, Coinbase will use Google services to further develop its exchange services and move certain trading-related applications from Amazon Web Services to Google.
“We couldn’t ask for a better partner than Google to execute our vision: Build a trusted bridge into the Web3 ecosystem,” said Coinbase CEO Brian Armstrong.
However, this is not the first time that Google has made its scalable cloud infrastructure available to Web 3 companies. Dapper Labs, the company behind the famous NFT collection NBA Top Shot, brought the tech giant on board in 2021. Then as a cloud provider for its growing ecosystem of products on the Flow blockchain.
The Hedera blockchain uses Google’s best-in-class, low-latency fiber optic network to ensure the stability and maximum uptime of its distributed ledger. It also uses Google Cloud for its public testnets. Hedera recently added UK wealth management firm Abrdn to its board.
There is currently no indication of which cryptocurrencies Google will accept. However, Coinbase Commerce supports payments in Bitcoin, Ethereum, USDC, USDT, ApeCoin, Bitcoin Cash, DAI, Dogecoin, Litecoin, and Shiba Inu. The crypto funds are deposited into the relevant merchant’s account, who can then convert the asset to fiat and withdraw it.
Google and the crypto industry
Accepting crypto as payment is a significant step in Google’s adoption of blockchain and Web 3 technologies. Previously, the company had been reluctant to recognize a legitimate place for the crypto industry.
As recently as June 2018, Google banned advertising for initial coin offerings, crypto wallets and exchanges, claiming they would significantly harm consumers.
When it revised its policies in July 2022, the company still maintained its ban on advertising for companies that enable the exchange, purchase or possession of cryptocurrencies. This ban included ads for companies offering crypto payments and hardware for crypto mining. Now crypto exchange and wallet ads are allowed as long as they comply with local laws.
The company also announced that crypto exchanges are allowed to advertise in Canada, the United Arab Emirates, Thailand and Hong Kong. In contrast, exchanges and wallets can be advertised in Israel, Japan, the US, France, Germany, the Philippines and South Korea only be placed with the relevant Google certification.
Following the announcement of this partnership, Coinbase’s share price rose 4% and is now nearing $70.
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