What Crypto Winter? Google Cloud Partners With Coinbase To Accept Digital Payments

Google is partnering with crypto exchange Coinbase (NASDAQ: COIN) to allow customers to pay for cloud services in cryptocurrencies starting early next year.

Coinbase will also leverage the Alphabet Inc. (NASDAQ: GOOGL) subsidiary's fiber-optic network to enhance the global reach of its crypto services and use Google Cloud's platform to process blockchain data at scale.

"We want to make building in Web3 faster and easier, and this partnership with Coinbase helps developers get one step closer to that goal," Google Cloud CEO Thomas Kurian said in a prepared statement.

Also Read: Coinbase Venture Funding Down 34% In Q2 2022

"We're proud Coinbase has chosen Google Cloud as its strategic cloud partner, and we're ready to serve the thriving global Web3 customer and partner ecosystem," Kurian added. "Our focus is making it frictionless for all customers to take advantage of our scalability, reliability, security, and data services, so they can focus on innovation in the Web3 space."

Coinbase co-founder and CEO Brian Armstrong praised the partnership as a way to help execute the company's vision of building a trusted bridge into the Web3 ecosystem.

In addition, Google will use Coinbase Prime for institutional crypto services, like secure custody and reporting.

KoinBasket founder Khaleelulla Baig told Benzinga that Google's accepting crypto payments, despite the current "crypto winter," speaks volumes about the long-term prospects of the overall Web3 industry.

"We are witnessing tremendous traction in web3 startups and all of them need the power of cloud computing & storage to build and scale their projects. In the coming days, more and more big techs and corporates will adopt crypto in some or the other form to become a part of this massive revolution," Baig said.