Bloomberg News reports that Coinbase Global Inc has partnered with Alphabet Inc’s Google over its cloud services. This is the latest corporate deal following just after BlackRock Inc and Meta Platforms Inc.
Google Cloud will allow some customers, the ones associated with the web3 industry, to make payments by using cryptocurrencies through Coinbase, as revealed in a statement. Google will also use Coinbase prime for institutional crypto services, including reporting and custody.
Following the same, the Coinbase shares escalated by 4.3% Tuesday. The stock is down 72% in the present year amidst a global rout that has been hitting risky digital assets hard.
With this corporate pact, the biggest US crypto exchange company will be moving some applications that are data related to Google from the Amazon Web Services cloud, as revealed by the spokesperson of Coinbase.
Bloomberg News also reports that this association with Google will solidify the opportunities of Coinbase across the non-trading revenue streams and may consequently assist in expanding share, as per Bloomberg Intelligence analysts Ethan Kaye and Paul Gulberg.
The company has cemented its presence by entering into partnerships with companies, not within the digital asset sector. In August, for instance, BlackRock Inc announced a pact with Coinbase to make it easier to institutionalize investors for managing and trading Bitcoin. Meta, the parent company of Instagram and Facebook, stated that it would be supporting integration, among others, with Coinbase Wallet.
