Coinbase has taken giant steps in bringing the crypto industry closer to mainstream adoption. As the first-ever crypto exchange to go public, it allowed investors to invest in crypto stocks without having to enter the space or specifically owning cryptocurrency.
Now, Coinbase has again taken another giant step to accelerate the adoption of Web3, partnering with one of the biggest companies in the world: Google.
Coinbase and Google Enter Strategic Partnership
Coinbase announced on 11 October 2022 that it was entering a strategic partnership with Google’s cloud computing suite, Google Cloud, after several months of negotiation and cooperation between the two companies. Web3 is the next-generation decentralized internet where people and corporate entities can build and own digital properties, and both Google and Coinbase believe companies of all kinds will begin creating a presence in this space soon enough.
Since the Google Cloud team is open to the idea of broadening the scope of crypto services and building in Web3, Coinbase decided to take up this partnership to bring the two companies together in the quest to enhance the adoption of Web3.
Google Will Use Coinbase to Bring Crypto Payments to Cloud Customers
As a result of the partnership, a select group of Google Cloud customers who are already developing Web3 services can begin to pay for services using selected cryptocurrencies, with payments facilitated by Coinbase Commerce.
Furthermore, Coinbase Cloud’s Node service will enable Web3 developers to access Google Cloud’s blockchain data through BigQuery. The integration should allow faster development with fewer overhead costs.
In addition, Google will use Coinbase’s secure institutional and corporate custody and trading platform, Coinbase Prime, to provide institutional crypto services.
Coinbase selected Google Cloud as its cloud services provider to leverage its extensive hardware and computing infrastructure. To provide its customers with crypto insights driven by machine learning, Coinbase will also use the superior data and analytics technologies that Google provides to build a secure global data platform on Google Cloud.
Coinbase will use Google Cloud’s powerful compute platform to process blockchain data at scale, and enhance the global reach of its crypto services by leveraging Google’s premium fiber-optic network.
It is noteworthy that Google provides 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 biggest companies in the entire world, dominating online search, advertising, and numerous 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 tech industry.
With Coinbase’s determination to further 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 the development of Web3 will continue, and companies like Google want to remain at the forefront of the internet. Partnering with Coinbase illustrates that Google certainly sees cryptocurrency as the vanguard of that development. However, don’t go out and start speculating on what cryptos Google envisages as part of its Web3 platform—there was no mention of a specific crypto, so it’s all speculation at the current time.
Still, as crypto advocates like to meme, “This is good for Bitcoin.”