Google Cloud announces a strategic partnership with Coinbase, a leading cryptocurrency exchange.
Cloud technology and cryptocurrency go hand-in-hand. In order to get the most out of the growing market, Google Cloud recently announced a strategic partnership with Coinbase, a leading cryptocurrency exchange.
The partnership will see Coinbase using Google Cloud for some of its cloud infrastructures, while Google Cloud will enable the payment of certain services through cryptocurrency using Coinbase’s technology.
Google Cloud and Coinbase
The partnership promises to benefit both organizations. Coinbase will make use of Google’s fibre-optic network to enable faster transfer speeds. This will, in turn, improve the processes of Coinbase’s customer applications and information exchange.
For Google Cloud, the partnership will extend the efforts of its BigQuery service. The collaboration produces datasets that organizations can incorporate into their software development projects. The partnership will allow Google to derive datasets in the cryptocurrency sector with the help of Coinbase. Furthermore, Google will also be able to incorporate Coinbase Commerce, opening a new revenue stream for the organization.
“We want to make building in Web3 faster and easier, and this partnership with Coinbase helps developers get one step closer to that goal”, Google Cloud chief executive Thomas Kurian said when asked about the strategic partnership. “Our focus is making it frictionless for all customers to take advantage of our scalability, reliability, security, and data services, so they can focus on innovation in the Web3 space.”
This partnership was the next logical move after Google Cloud created its own dedicated digital asset unit. The team’s responsibilities include assisting customers in hosting blockchain nodes. The partnership should allow Google to improve the unit at a much faster rate. The collaboration has only just been announced, and time will tell how both organizations are impacted by the decision.