2023 Fintech and Financing Conference & Expo

Google Cloud to Let Users Pay With Crypto via Coinbase

CNBC | Jordan Novet | Oct 11, 2022

GoogleGoogle cloud and coinbase - Google Cloud to Let Users Pay With Crypto via Coinbase said Tuesday that it will rely on Coinbase to start letting some customers pay for cloud services with cryptocurrencies early in 2023, while Coinbase said it would draw on Google’s cloud infrastructure.

  • Coinbase shares rose as much as 8.4% in Tuesday’s trading session, although the stock is still down over 70% for the year.
  • Coinbase, which generates a majority of its revenue from retail transactions, will move data-related applications to Google from the market-leading Amazon Web Services cloud, which Coinbase has relied on for years, said Jim Migdal, Coinbase’s vice president of business development.
  • Coinbase Commerce supports 10 currencies, such as Bitcoin, Bitcoin Cash, Dogecoin, Ethereum and Litecoin  and will earn a percentage of transactions that go through it

See: 

Google Cloud is expanding it’s blockchain business and hiring

Google’s Fusing Street View with AI to Create Metaverse like ‘Immersive View’

  • Google is also exploring how it can use Coinbase Prime, a service that securely stores organizations’ cryptocurrencies and allows them to execute trades. Zavery said Google will experiment and “see how we can participate” with managing cryptocurrency assets.
  • Blockchain technologies such as nonfungible tokens, or NFTs, have become a bigger focus for Google’s cloud division. Previously, Google’s cloud chief, Thomas Kurian, has pushed for growth in major industries such as media and retail. This year it announced the formation of teams to drum up blockchain business and build tools that third-party developers can draw on to run blockchain applications.

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NCFA Jan 2018 resize - Google Cloud to Let Users Pay With Crypto via CoinbaseThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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