Google Cloud and cryptocurrency exchange Coinbase have entered into a long-term partnership that will see customers able to pay for cloud services with a number of different cryptocurrencies.
Select customers in the Web3 ecosystem will be the first permitted to use crypto payments to purchase cloud services via Coinbase Commerce from early next year.
Google Cloud vice president and general manager and head of platform Amit Zavery told CNBC that the ability to utilise crypto payments would be extended to many more customers over time.
Coinbase Commerce, the crypto exchange’s platform that assists global merchants accept cryptocurrency payments, currently supports 10 digital currencies – Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), USD Coin (USDC), Tether USD (USDT), Ape Coin (APE), Dai (DAI) and Shiba Inu (SHIB).
Google Cloud offers a range of digital services for computing, storage, networking, data, machine learning and the Internet of things (IoT), plus cloud management, developer and security tools.
As part of the deal, Coinbase will transfer some of its applications from Amazon Web Services to Google Cloud. Additionally, Google is exploring ways to use Coinbase Prime, an integrated solution for institutional investors that provides secure custody of crypto assets and advanced trading capabilities.
Web3 is the next generation of the internet that will allow people to own digital property within an open, decentralised environment, according to Coinbase.
“Over the next few years, we believe every company and developer will be building on Web3 – to the point where it will become synonymous with the internet itself,” Coinbase said in a press release.
Is cryptocurrency a practical payment option?
Crypto prices have plummeted in the last year after hitting all-time highs during the covid pandemic.
Crypto’s notorious volatility and lack of real-world use cases means that, currently, its viability as an efficient and effective form of payment is unproven and questionable at best.
However, there may be potential for stablecoins to become reliable methods of settlement. The proposition of these types of altcoins is to offer an equable market pair with fiat currencies, such as the US dollar, thus reducing or eliminating price volatility. Both Tether and USD Coin are supported by the Coinbase Commerce platform.
What about Bitcoin?
The crypto marketplace is an incredibly speculative financial exchange. The value of coins varies day to day, sometimes minute to minute. While most money markets are tough to predict, crypto is akin to the wild west.
Deciding whether or not to invest in Bitcoin is a subjective question. Investing in any asset has inherent risks, and it pays to research your options. Bitcoin seems to be in a slump and markets remain bearish. So, is this the time to buy?
Given its esoteric reputation, you might assume that cryptocurrency is not a taxable asset in Australia. Think again. The Australian Taxation Office (ATO) has your crypto earnings in its crosshairs, so don’t skip on your declarations.
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