Coinbase will be happy to take cloud payments for Google
Coinbase shares surged by 8% after the announcement
Google stated it would rely on Coinbase to enable certain users to pay for cloud services using cryptocurrencies early in 2023. Coinbase revealed that it would use Google’s cloud infrastructure.
Following the news, the price of Coinbase shares rose as much as 8.4%, despite the fact that they are still down more than 70% for the year.
The deal was announced at Google’s Cloud Next conference. It may prove successful in luring cutting-edge firms to Google in a competitive, rapidly developing market where Google’s top rivals do not permit customers to pay using digital currencies.
The cloud business, which helps Google’s parent Alphabet diversify away from advertising, now accounts for 9% of sales. It’s up from less than 6% three years ago, growing faster than Alphabet as a whole.
Data-related apps will be relocated from the top Amazon Web Services cloud to Google, which depends primarily on retail transactions for the majority of its revenue.
Blockchain innovations like non-fungible tokens (NFTs) have drawn increased attention to Google’s cloud division.
The president of Google’s cloud group, Thomas Kurian, has previously spoken in favour of growth in significant industries like media and retail. Further growth will also help promote blockchain technology and provide tools that outside developers may use to operate blockchain apps.
