Google announced that it will rely on the Coinbase platform; To start allowing some customers to pay for cloud services in cryptocurrency as early as 2023, while Coinbase said it will rely on Google's cloud infrastructure.

Google seeks to attract advanced companies

The deal, announced at Google's Cloud Next conference, could attract high-end companies to Google in a fierce and rapidly growing market, where Google's top competitors do not currently allow customers to pay in cryptocurrency.

The cloud business is helping to diversify Google's Alphabet business away from advertising , and it now accounts for 9% of revenue, compared to less than 6% three years ago, as it is expanding more quickly than Alphabet as a whole.

Coinbase transfers its services from Amazon to Google

Coinbase, which generates the majority of its revenue from retail transactions, will move data-related apps to Google from the market-leading Amazon Web Services cloud, which Coinbase has relied on for years, said Jim Migdal, vice president of business development at Coinbase.

Thanks to the integration with Coinbase Commerce, Google Cloud Platforms Infrastructure Service will initially accept cryptocurrency payments from the small number of customers in the Web3 world who want to pay with cryptocurrency, said Amit Zafri, vice president, general manager and head of the platform.

Zafri added that over time, Google will allow many more customers to make payments using cryptocurrency.

Coinbase Commerce supports 10 cryptocurrencies , including Bitcoin, Bitcoin Cash, Dogecoin, Ethereum, and Litecoin . While the prices of Bitcoin, Dogecoin and Ethereum have fallen by more than 60% in the past year.

Terms of the deal were not disclosed but like other Coinbase trading arrangements, Coinbase will earn a percentage of the transactions it goes through, Majdal said.

For example, Coinbase provides companies with a way to receive payments in cryptocurrency. “We've looked at other companies for the crypto aspect,” Zafri said. In the end, Coinbase has the most potential.

Coinbase Prime

Google is also exploring how it can use Coinbase Prime, a service that securely stores corporate cryptocurrencies and allows them to execute trades. Zafri said that Google will test and “see how we can get involved” in managing crypto assets.