Alphabet’s Google announced earlier that it has selected cryptocurrency exchange Coinbase as a partner to introduce cryptocurrency payment services for customers, and Coinbase also said it will use Google’s cloud facilities.
Google will integrate Coinbase Exchange’s Coinbase Commerce payment service, which has been around since February 2018 and now supports 10 currencies, including Bitcoin, Bitcoin Cash, Dogecoin, Ethereum, and Litecoin.
Amit Zavery, vice president of Google Cloud, said that the service will initially accept a small number of customers in the Web 3.0 world who want to pay with cryptocurrencies, but will allow more customers to pay with customers in the future.
Jim Migdal, vice president of business development at Coinbase, mentioned that most of Coinbase’s transaction revenue comes from retail transactions, and the partnership will move data-related applications from the Amazon (AWS) cloud, which Coinbase has relied on for years, to Google Cloud. On the day the news was announced, Coinbase rose 8% before the market opened and rose 0.5% after the market opened.