What Google’s partnership with Coinbase entails
In a blog post by its Chief Product Officer, Surojit Chatterjee, Coinbase has provided us a glimpse of what this partnership means. The two companies that were working in very different environments have been collaborating for the past many months and have recognized strengths on both sides that could be useful to the other organization.
To begin with, starting early next year, Google Cloud will accept payments in certain cryptocurrencies using the Coinbase Commerce platform, which allows merchants anywhere in the world to accept cryptocurrency payments. This service will be rolled out to select users of Google’s cloud services that are already involved in the Web3 industry.
Developers in the Web3 space are also in for some good news as Google Cloud will provide access to its blockchain data through BigQuery, powered using Coinbase’s Cloud Node service. BigQuery is Google’s platform as a service data warehouse that allows users to query big data. The partnership will allow developers to operate Web3-based systems without having to own complex and expensive infrastructure.
Google will also tap into institutional crypto services like secure custody and reporting using Coinbase’s platform for institutional clients, called Prime. Coinbase claims it has over 14,500 institutional clients that use its advanced trading platform.
In return, Coinbase will use Google Cloud to build its exchange and data services and process blockchain data at scale. Coinbase customers will also gain machine-learning-driven crypto insights.