Google Cloud will soon accept cryptocurrency payment

Google Cloud will soon accept cryptocurrency payment ...

Grace to a new partnership between Coinbase Commerce and the cloud hosting giant, some Google Cloud customers will soon be able to pay for cryptocurrency services.

The feature is expected to be available for select blockchain-focused businesses initially, but will be expanded to other firms at a later date.

The settlement will provide support for payments in a wide range of currencies, including popular items such as Bitcoin, Bitcoin Cash, Dogecoin, Ethereum, and Litecoin.

The service will be available in early 2023.

Coinbase partnership

Coinbase will facilitate payments in exchange for a small reduction of the transaction, similar to that of PayPal.

Coinbase will also select Google Cloud as a strategic cloud provider to build its exchange and data services.

Coinbase has announced that it will use Google Cloud''s compute platform to process blockchain data at an all-time high, increasing the worldwide reach of its crypto services through Google''s premium fiber-optic network.

Big Tech businesses that accept payments via cryptocurrency is nothing particularly new in an and of itself, and Microsoft has developed a scheme that allowed users to boost their Microsoft Store account with Bitcoin as far as 2014, via a partnership with BitPay.

Following a high-profile attack, Google is not the first person to be involved in blockchain. Interestingly, the company has recently collaborated with SkyMavis, the creator of the popular NFT gameAxie Infinity, to improve the security of its Ronin network.

The news appears to be a huge win for Coinbase, as the crypto exchange''s stock jumped 4.4 percent in trading immediately following the announcement.

Google Cloud acquired PayPal executive Arnold Goldberg to lead its payments division in January 2022, who told Bloomberg (opens in new tab) "crypto is something we pay a lot of attention to."