Google announced on Wednesday at its Cloud Next conference in California that it has entered a long-term strategic partnership with Coinbase, a cryptocurrency exchange platform to accelerate web3 adoption and innovation.
The partnership will involve Coinbase selecting Google Cloud as a strategic cloud provider to build an advanced exchange and data services. As a result, the company will move its data-related applications from the Amazon Web Services cloud, which it has relied on for years, reports CNBC.
Build advanced exchange and data services
The cryptocurrency exchange says it will use Google Cloud’s compute platform to process blockchain data at scale and enhance its crypto services reach by leveraging Google’s premium fibre-optic network.
Coinbase says it will also build its global data platform on Google Cloud’s secure infrastructure and leverage its data and analytics technologies to provide its customers with machine learning-driven crypto insights.
Payments in cryptocurrencies
As a part of the agreement, Google Cloud will accept payments via cryptocurrencies for its service, starting with a handful of customers in the Web3 world. It is made possible through integration with the Coinbase Commerce service.
Coinbase Commerce is a platform that helps merchants worldwide accept cryptocurrency payments.
Access to BigQuery crypto public datasets
Through this partnership, Web3 developers will access Google’s BigQuery crypto public datasets, powered by Coinbase Cloud Nodes, across leading blockchains.
The integration will allow developers to operate Web3-based systems without needing expensive and complex infrastructure. In addition, Google will use Coinbase Prime for institutional crypto services, like secure custody and reporting.
Coinbase: What you need to know
Founded in 2012 by Brian Armstrong and Fred Ehrsam, Coinbase allows its users to create their wallets and start buying or selling bitcoins by connecting with their bank accounts. It also provides a series of merchant payment processing systems and tools that support many highly-trafficked websites on the internet.
Approximately 98 million verified users, 13,000 institutions, and 230,000 ecosystem partners in over 100 countries use Coinbase to invest, spend, save, earn, and use crypto.
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