Coinbase is working with Google so that its cloud service users can pay with "select" cryptocurrencies (via CNBC). Coinbase and Google have promised that cryptocurrency-based payments will roll out to Web3 users sometime in the first quarter of 2019.
Coinbase Commerce, a service that lets businesses accept Bitcoin, Ethereum, USD Coin, Tether USD, Dogecoin, Shiba Inu, and other cryptocurrencies, will be used by Google to process these transactions. CNBC reports that Coinbase will charge a fee for using its platform. Google also intends to make use of Coinbase Prime, a "institutional-grade" crypto trading platform designed specifically for large corporations, for the storage and trading of cryptocurrencies.
Coinbase is reportedly switching some of its "data-related applications" from Amazon Web Services to Google Cloud as part of the deal, according to CNBC. Also, to power its BigQuery crypto public datasets, Google will begin using Coinbase Node, a tool that gives developers access to blockchains and the ability to create decentralized apps. According to CNBC, Google formed a team at the beginning of the year with the express purpose of building a back end for Web3 developers, and this fits in with that goal.
The CEO of Google Cloud, Thomas Kurian, said in a statement that the partnership with Coinbase helps developers move closer to Google's goal of making development in Web3 faster and easier. Google Cloud is excited to serve the growing global Web3 customer and partner ecosystem and is pleased that Coinbase has selected us as its strategic cloud partner.
Stablecoins have been decoupling from their dollar peg and major cryptocurrencies are generally trending downward this year, so crypto has taken a beating. Since The Merge, an initiative to make the cryptocurrency's network more energy-efficient, Ethereum's value has dropped by 65 percent in 2022, while Bitcoin's value has dropped by 59 percent.