Google LLC said on Tuesday that it has chosen Coinbase Global Inc. to connect with its infrastructure and allow consumers to purchase cloud services with cryptocurrencies commencing next year.
Amit Zavery, vice president of Google Cloud, indicated in an email to employees on Friday that the objective is to make the Google Cloud Platform the top choice for developers. “Web3 adoption is still in its early stages worldwide, but this industry has already shown a ton of potential,” he stated.
In an effort to take advantage of the rising popularity of cryptocurrencies and related initiatives, Google’s cloud division is putting together a team to provide services to blockchain application developers. The tech giant has long had a negative outlook on the cryptocurrency industry since it forbids bitcoin marketing on its platform. Google said in June 2021 that it was rethinking its position and will start allowing them.
According to CNBC, Thomas Kurian, Google’s cloud CEO, claimed that the new business will focus on the healthcare and retail industries. For many years, Google has focused on advertising, so becoming a more dominant player in cloud storage would be a significant advancement. According to a CNBC report, Richard Widmann, head of the strategy for digital assets at Google’s cloud division, the business will hire blockchain experts. These employees will be included in the company’s plan to increase decentralization.
Companies dealing with blockchain and distributed ledgers, such as Hedera, Dapper Labs, Theta Labs, are already using Google Cloud, enabling scalability and security, according to the firm’s blog post. Google intends to provide back-end services to developers interested in building their own Web3 apps as the company contends for market supremacy in cloud infrastructure with Alibaba, Amazon, and Microsoft.
This move by Google is sure to garner the interest of many crypto aficionados. This is because many people prefer making payments using cryptocurrency because it is cheaper and faster than traditional methods.