Google to allow some customers to pay for cloud services via Coinbase
Multinational technology company Google will allow some customers to pay for cloud services via cryptocurrency exchange platform Coinbase next year.
The move instantly boosted Coinbase stock, with its shares rising as much as 8.4 per cent in trade on Tuesday, although the stock is still more than 70 per cent down for the year.
Initially, customers in the Web3 industry will be allowed to pay for cloud services under Coinbase supervision.
“We want to make Web3 building faster and easier, and this partnership with Coinbase helps developers come one step closer to that goal,” said Google Cloud CEO Thomas Kurian.
Owen Lau, a senior analyst at global full service brokerage and investment bank Oppenheimer, said he expected more partnerships with traditional players to follow.
“As the crypto economy expands in the longer term, Coinbase will look more like an integrated digital asset enabler than a pure-play crypto exchange,” he added.
