Google Cloud announced that it has selected Coinbase as a new, long-term strategic partnership to accelerate the growing Web3 ecosystem and its developers.
“We are excited Google Cloud has selected Coinbase to help bring Web3 to a new set of users and provide powerful solutions to developers,” said Brian Armstrong, Co-founder and CEO of Coinbase. “With more than 100 million verified users and 14,500 institutional clients, Coinbase has spent more than a decade building industry-leading products on top of blockchain technology. We could not ask for a better partner to help execute our vision of building a trusted bridge into the Web3 ecosystem.”
What’s the deal?
To simplify this, the collaboration can be divided into four parts.
Firstly, the collaboration will involve Coinbase selecting Google Cloud as a strategic cloud provider to build advanced exchange and data services.
Secondly, Coinbase will use Google Cloud’s compute platform to process blockchain data at scale and enhance the global reach of its crypto services by leveraging Google’s premium fiber-optic network.
Thirdly, the cryptocurrency exchange firm will also build its global data platform on Google Cloud’s secure infrastructure and leverage its leading data and analytics technologies to provide Coinbase customers with machine learning-driven crypto insights.
Lastly, Google Cloud will allow select players in the Web3 ecosystem to pay for its cloud services via select cryptocurrencies powered by Coinbase Commerce. To reiterate, Coinbase Commerce enables merchants globally to accept cryptocurrency payments in a decentralised way.
The collaboration will also allow Web3 developers access Google’s BigQuery crypto public datasets, which will be powered by Coinbase Cloud Nodes, across leading blockchains.
“We want to make building in Web3 faster and easier, and this partnership with Coinbase helps developers get one step closer to that goal,” says Thomas Kurian, CEO of Google Cloud. “We’re proud Coinbase has chosen Google Cloud as its strategic cloud partner, and we’re ready to serve the thriving global Web3 customer and partner ecosystem. 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.”