Coinbase has taken giant strides to bring the crypto industry closer to mainstream adoption. As the very first crypto exchange to go public, investors could invest in crypto stocks without having to enter the space or specifically own cryptocurrency.
Now Coinbase has taken another big step to accelerate Web3 adoption by partnering with one of the largest companies in the world: Google.
Coinbase and Google Enter Strategic Partnership
Coinbase announced on October 11, 2022 that it entered into a strategic partnership with Google’s cloud computing suite, Google Cloud, after several months of negotiation and collaboration between the two companies. Web3 is the next-generation decentralized internet where people and businesses can build and own digital properties, and both Google and Coinbase believe that all kinds of businesses will soon be able to establish a presence in this space.
Since the Google Cloud team is open to the idea of broadening the scope of crypto services and building into Web3, Coinbase decided to enter into this partnership to bring the two companies together in the quest to improve Web3 adoption.
Google to Use Coinbase to Bring Crypto Payments to Cloud Customers
As a result of the partnership, a select group of Google Cloud customers already developing Web3 services will be able to start paying for services using select cryptocurrencies, with payments facilitated by Coinbase Commerce.
Additionally, Coinbase Cloud’s Node service enables Web3 developers to access Google Cloud’s blockchain data via BigQuery. The integration should enable faster development with less overhead.
In addition, Google will use Coinbase’s secure institutional and corporate custodial and trading platform, Coinbase Prime, to provide institutional crypto services.
Coinbase selected Google Cloud as its cloud service provider to leverage its extensive hardware and computing infrastructure. To provide its customers with crypto insights powered by machine learning, Coinbase will also leverage the superior data and analytics technologies provided by Google to build a secure global data platform on Google Cloud.
Coinbase will use Google Cloud’s powerful computing platform to process blockchain data at scale and extend the global reach of its crypto services by leveraging Google’s premium fiber network.
It is noteworthy that Google offers some of the best and cheapest cloud storage services in the world.
Why the Google-Coinbase Partnership is Huge for Crypto
Google is one of the largest companies in the world, dominating online search, advertising and many other areas of technology. Coinbase is also a major leader in the crypto space, and their alliance could help crypto take a major place in the mainstream technology industry.
With Coinbase’s determination to advance the development of Web3 technology, the two companies will complement each other to ensure that Web3, of which crypto is at the center, becomes a reality.
There is little doubt that Web3 development will continue, and companies like Google want to stay ahead of the web. The partnership with Coinbase illustrates that Google certainly sees cryptocurrency at the forefront of that development. However, don’t go out there and start speculating about which cryptos Google envisions as part of its Web3 platform – there was no mention of a specific crypto, so it’s all speculation at the moment.
Still, as crypto advocates like to say, “This is good for Bitcoin.”