By Stephan Roth on Wednesday 12 October 2022
Coinbase will integrate their global data platform on Google Cloud.
Google Cloud and Coinbase announced a strategic partnership to launch a crypto payments programme and custody of institutional crypto assets.
The deal was announced on Tuesday,at Google Cloud's Next '22 conference and will see Coinbase integrate its exchange and data services on Google's cloud infrastructure and subsequently grow its global crypto reach.
For Google, its growing cloud business has helped the tech giant diversify its parent company Alphabet from advertising which now accounts for 9 per cent according to its Q2 2022 results, up from 7.5 per cent recorded in 2021.
For Coinbase, the partnership marks the end of its reliance on Amazon Web Services, the crypto exchange's cloud technology partner since 2014.
Brian Armstrong, co-founder and chief executive of Coinbase said in a statement: "We are excited Google Cloud has selected Coinbase to help bring web3 to a new set of users and provide powerful solutions to developers."
" With more than 100 million verified users and 14,500 institutional clients, Coinbase has spent more than a decade building industry-leading products on top of blockchain technology," Armstrong added.
As part of the long-term collaboration, web 3 customers will be able to start paying for Google's cloud services with selected cryptocurrencies, thanks to the integration of the Coinbase Commerce crypto payments platform.
Web 3 developers will also gain access to Google's BigQuery crypto public datasets, which will be powered by Coinbase Cloud Nodes, providing customers with machine learning-driven crypto insights.
The strategic partnership will build on recent web3 announcements with Nansen, BNB, Chain, Sky Mavis and NEAR protocol.
"We're proud Coinbase has chosen Google Cloud as its strategic cloud partner, and we're ready to serve the thriving global Web3 customer and partner ecosystem," Thomas Kurian, chief executive of Google Cloud said.
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