In the coming months, Google will accept cryptocurrency for its cloud service. Cryptocurrency markets are in a doldrums, so this is a big boost to them. There has been a loss of over $2 trillion in market capitalization.
Cryptocurrency payment gateways allow businesses to accept transactions of cryptocurrencies as payment from customers in exchange for goods or services. These systems accept payments from any country and put an emphasis on security due to the nature of blockchain-based cryptocurrencies.
Payment gateways encrypt customer information and send it over a secure HTTPS connection to a customer’s wallet provider, which then confirms the transaction through its own internal cryptographic algorithms.
In the early part of next year, Google will begin accepting cryptocurrency payments for cloud services. As a result of this announcement, the global cryptocurrency market has been receiving a lot of support.
At Google’s Cloud Next conference on Tuesday, an announcement was made. With Coinbase’s integration, the tech giant will accept crypto payments.
However, Google intends to take precautionary measures when accepting Crypto payments. A select group of users in the Web3 and Web3 industries will be offered crypto payments at first. Coinbase Prime, Coinbase’s custodial service, will also be used by Google.
With this collaboration with Coinbase, we will help developers move one step closer to achieving our ultimate goal of making Web3 easier to use,” said Thomas Kurian, CEO – Google Cloud Services.
In recent months, this tech company has enhanced its crypto services and features, such as showing Ethereum balances in its wallets when an address is searched on Google or BNB Chain. The BNB Chain and Google Cloud are joining forces to support the growth of young Web3 and blockchain-based startups. In addition, Google Cloud offered an alarm clock for Ethereum’s latest proof-of-stake change.
“Creating a bridge to the Web3 ecosystem was a dream we couldn’t have realized without Coinbase,” says Brian Armstrong, the co-founder and CEO of the company.”
Shares of Coinbase were trading at $71.32 at lunchtime on Tuesday, up more than 6 percent.
“In the future, we anticipate forming partnerships with established players. Over time, Coinbase will become more of an integrated digital asset enabler rather than an entirely independent crypto exchange,” says Oppenheimer analyst Owen Lau.”
As it turns out, Google’s decision to start accepting crypto for its cloud services is indeed a huge boost for the crypto market which has been floundering lately. The market capitalization of the company has plummeted by more than $2 trillion. In comparison with a year ago, top cryptocurrencies are trading at 60% – 70% below their previous prices. Crypto traders and investors have started to disengage from the market amid fears of a recession.
Via this site
