To better serve the expanding Web3 ecosystem and its developers, Google Cloud and Coinbase recently entered a strategic partnership to expand their reach into the decentralized internet.
The firms announced in a press release on Tuesday that Coinbase had chosen Google Cloud as a major cloud provider to develop cutting-edge exchange and data services on October 11, 2022.
Continue reading as we explore the different aspects of this newly formed partnership in the following sections.
Web3 x Google: Is The World’s #1 Search Engine Aware Up For A Change?
Web3 has been a relatively new concept in the IT industry. Despite that, the number of users gearing up for this revolutionary experience is significant. Adding to it, we can’t overlook how cryptos will play a significant role in its development.
Keeping similar aspects in mind, Coinbase has chosen Google Cloud as a reliable cloud service provider to amplify the exchange’s data services. Google Cloud accelerates every organization’s capacity to undergo a digital transformation. We provide enterprise-grade solutions on the cleanest cloud in the business, utilizing Google’s cutting-edge technologies.
Google Cloud is a trusted partner for customers in even more than 200 different countries and regions that want to support growth and address their most pressing business issues. Therefore, by utilizing Google’s potent cloud-computing services and its vast, superior fiber-optic network, Coinbase seeks to expand its operations on a global level and analyze Blockchain data at scale.
The latest move will also allow Coinbase to machine learning-driven insights into their operations. This way, Coinbase is said to construct its global database over the cloud platform and leverage its safety, security, and top data analytical capabilities.
Google Cloud x Coinbase: Terms Of The Agreement
To advance Web3 innovation, Google Cloud x Coinbase’s established cooperation revolves around an agreement. As per the details of the arrangement, Google Cloud will allow specific Web3 customers to pay for their cloud services in selected crypto tokens.
However, the transaction will be initiated under the Coinbase ecosystem. The ‘Coinbase Commerce’ system will reportedly allow merchants to accept payments in a decentralized manner.
This way, Google customers will experience better services with new and better ways to pay for their services.
Last month, PYMNTS pointed out that a few issues still need to be resolved with Web3. For instance, Web3 presupposes a distributed infrastructure, which includes distributed data storage, in which digital behemoths like Google Cloud don’t control every aspect of operations.
Adding to it, Coinbase CEO Brian Armstrong came ahead with his support and excitement toward their new future. As per the CEO, the unique opportunity has thrilled them as Google Cloud chose their exchange to help introduce the Web3 experience to a broader set of users.
Besides, he also expressed his positive approach towards simplifying payments by providing a potent payment gateway to the users.
Google x Coinbase: Onto A Decentralized Future
By 2023, select consumers will be able to buy cloud services utilizing cryptocurrencies such as Bitcoin and Ethereum, according to a new Web3 strong partnership launched by Google and Coinbase.
Coinbase Commerce will handle the payments, and Google will use Coinbase Prime for institutional cryptocurrency services, including secure custody and reporting. Only a small number of clients currently active in Web3 will still have access when the crypto transactions debut, but additional clients will eventually be able to use the service.
According to a press statement that went along with the news, the relationship will involve Coinbase choosing Google Cloud as a primary cloud provider to develop enhanced exchange and data services. In addition, it provides Coinbase with better insights via a machine learning-driven approach.
This way, the exchange will construct its global data platform on the safe architecture of Google Cloud and use its data and analytics capabilities.
Additionally, Google Cloud’s Blockchain data will be accessible to Web3 developers via BigQuery, made possible via Coinbase Cloud’s Node service. The connection will enable developers to rapidly and dependably operate Web3-based solutions without having to develop their infrastructure from scratch, according to a Coinbase blog.
Google x Coinbase: The Experts Take
Through the partnership, Coinbase will also be able to analyze Blockchain data at a large scale using Google Cloud’s computation platform and increase the accessibility of its cryptocurrency services by utilizing Google’s fiber-optic network.
By transferring some of Coinbase’s data-related applications from Amazon Web Services to Google Cloud, the agreement will benefit Google.
According to Thomas Kurian, CEO of Google Cloud, “We want to make working in Web3 more efficient and straightforward, and our cooperation with Coinbase lets developers get one stage closer to that goal.”
This way, they can concentrate on innovation in the Web3 domain, “our focus is on making it frictionless for all clients to take full advantage of our scalability, data services, dependability, and security.”
Recently, Google has gradually become more interested in cryptocurrencies and Blockchain technologies. For example, Google presented a counting down to the Ethereum Merge, which changed the smart contract framework from proof of work to proof of stake.
Recently, researchers have observed that Google displays the wallet’s ETH balance when an Ethereum address is entered, using information retrieved from Etherscan.
Are You Ready For A Revolutionized Web Experience?
There’s no doubt that the new Web 3.0 and Blockchain era is attracting millions of users. The need to attract more clients has kept the tech giants hooked to the ‘decentralized’ approach.
Last year, Facebook followed the transition by changing its name to ‘Meta.’ The motive behind the move was better branding and understanding the advantages of the Metaverse. It just made the NFT capability available to Facebook users.
In other news, Microsoft reportedly invested $20 million in a decentralized data warehouse to accelerate its way into the Web 3.0 world. The trend to adopt new technology will continue as it gets more widespread.