-
Google (GOOGL, $97.18) is partnering with Coinbase (COIN, $70.16) to let customers pay for its cloud services in “select” cryptocurrencies. According to Coinbase and Google, crypto-based payments will become available to customers in the Web3 space early next year to start. Coinbase shares rose as much as 8.4% in Tuesday’s trading session, although the stock is still down over 70% for the year.
-
To enable these payments, Google will use Coinbase Commerce, a tool that lets businesses receive, accept, and convert cryptocurrencies, including Bitcoin, Ethereum, USD Coin, Tether USD, Dogecoin, Shiba Inu, and others. Coinbase will take a cut of transactions made through its commerce tool.
-
Coinbase, which generates a majority of its revenue from retail transactions, will move data-related applications to Google from the market-leading Amazon Web Services cloud, which Coinbase has relied on for years, said Jim Migdal, Coinbase’s vice president of business development.