Google make partnership with Coinbase to allow crypto payments on the cloud

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Google has just signed a partnership with Coinbase to authorize cryptocurrency payments on its cloud platform. Expected in 2023, this service will make all the difference, according to Google, since none of its direct competitors currently offer similar functionalities.

Paying in crypto on Google Cloud Platform: how does it work?

It is important to remind, that the majority of Coinbase’s revenue is generated from retail transactions. Therefore Coinbase is going to use the Amazon Web Services cloud to transfer data-related applications to Google. Initially, the Google Cloud Platform infrastructure service will only accept cryptocurrency payments from the customers who agree to try Coinbase Commerce service. The service will then be deployed to all Google customer services, under the best possible conditions.

For the moment, Google and Coinbase have not revealed any detail about the terms of their partnership. However, what is certain is that Coinbase will retain a percentage on transactions carried out on the Cloud. In the nearest future, Google also plans to use the Coinbase Prime service, which allows companies to store cryptocurrencies and carry out transactions. This approach perfectly fits Google’s ambition to participate in the management of cryptocurrency assets.

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Coinbase obtains a license in Singapore

Behind this decision to sign a partnership with Coinbase and not with any another cryptocurrency platform, Google aims to strengthen its reliability. Recently, the largest cryptocurrency exchange service in the United States has finally received long-expected approval from the central bank of Singapore to offer payment services throughout the territory. This approval demonstrates Coinbase’s reliability in fostering cryptocurrency exchange service and transactions, under the regulations of the Central Bank.

For Coinbase, receiving such an approval signifies major advancement and shows the  importance of its network in the South-East Asian state, where the company currently has nearly 100 employees. You also should know that among 180 Crypto companies that applied for a Crypto payment license to the Monetary Authority of Singapore in 2020, only 17 received the approval, including Coinbase. For the next few years, Singapore plans to make cryptocurrency trading less accessible to retail investors, by putting in place new, more strict regulations.

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What are the advantages of paying for purchases in cryptocurrency?

  • The transaction fees withheld on payments in crypto currencies are generally lower than those withheld on traditional payments.
  • Cryptocurrency transactions are accessible anytime and anywhere. Transfers are secure and can be operated within seconds.
  • Payments in crypto currencies are authorized in several countries around the world, as long as they are accepted by merchants.