Starting in 2023, Google Cloud customers will be able to pay for cloud services with crypto assets. The initiative is the result of a partnership between Google and Coinbase, to accelerate Web 3.0. The option will only be available to companies that already operate in this environment or are part of the new ecosystem.
According to the terms of the partnership, Coinbase will use the Google Cloud Platform to process blockchain data. In addition, it will use Google’s cloud infrastructure to better understand the needs and demands of its users through Machine Learning and analytics.
In addition, Web 3.0 developers will have access to Google Cloud blockchain data through BigQuery – and Coinbase Cloud’s Node service will power this offering. The integration will allow developers to instantly operate third-generation Internet-based systems without needing expensive and complex infrastructure.
Google, for its part, will use Coinbase Prime – an institutional crypto assets trading platform – to store and trade crypto assets. It is worth noting that in August this year, BlackRock, the world’s largest asset manager, also chose Coinbase Prime for its offering to institutional clients.
Web 3.0 will become synonymous with the Internet, says Coinbase
In a press release announcing the partnership, Coinbase noted that “web 3.0, the next generation of the Internet, will enable people to own digital property in an open, decentralized environment. In the coming years, we believe that all companies and developers will be developing web 3.0 – to the point where it becomes synonymous with the Internet itself.”
Coinbase also said it would use the Google Cloud Platform to process blockchain data at scale and enhance the global reach of its crypto services by leveraging Google’s premium fiber optic network.
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