Google has selected the Coinbase exchange as a partner in the crypto payment acceptance system for "Cloud" services, using its custody tools. Google Cloud Platform will initially accept crypto payments from selected customers in the Web3 world, thanks to an integration of the Coinbase Commerce service.

Furthermore, according to Amit Zavery, vice president and general manager of the platform, he is also exploring how to use Coinbase Prime, to securely store cryptocurrencies and perform various operations.

The agreement was announced during Google's Cloud Next conference, and could generate new competition between companies in an industry where, for now, no major competitor of Google allows payments in cryptocurrency. Terms of the partnership have not been disclosed, but Coinbase is thought to simply make money through transaction fees.

Coinbase, among other things, seems to have undermined the PayPal agreement, which already offers companies a way to accept payments with digital currencies. Evidently, Coinbase proved to be more suitable for the project, and asserted itself in a negotiation lasting months, with conversations on the support of commercial transactions, on the use of the cloud, on the Prime service, and how these aspects can coexist in parallel.

The scenarios opened by the agreement Finally, not to be taken for granted is the success of the agreement despite an at least fragile financial situation. Coinbase, along with MicroStrategy and Tesla, is among the companies that have added significant digital assets to their balance sheets, and the exchange also recently announced a $ 377 million devaluation charge linked to a decline in the value of its assets. crypto holdings.

However, Google doesn't seem to care, and continues to target (via the Cloud division) blockchain technologies. Thomas Kurian, head of Google Cloud, has long pushed for growth in the industry, and this year announced the formation of a team to create tools that third-party developers can tap into to run blockchain applications.