Coinbase Global (NASDAQ:COIN)
The share price of Coinbase Global (NASDAQ:COIN) increased by 3.6% in premarket trading on Tuesday after the announcement made by the tech giant Google (NASDAQ:GOOGL) that it will allow some customers to pay for its cloud services with digital tokens such as bitcoin (BTC-USD) and Ethereum (ETH-USD) via Coinbase beginning in the early part of 2023. As a result, Coinbase stock surged in the market.
According to a statement, the action would reportedly boost the degree to which customers may choose how to pay for Google Cloud services, expanding the opportunities for using cryptocurrencies. The new payments experience will be powered by Coinbase Commerce, an application that enables businesses to accept cryptocurrency payments.
Coinbase Global (NASDAQ:COIN), the most active cryptocurrency exchange in the United States measured by trading volume, has decided to construct its exchange and data services on Google Cloud. This decision was made to better serve the expanding web3 ecosystem and its developers.
Coinbase Global (NASDAQ:COIN), which uses Google Cloud, can analyze blockchain data and increase the worldwide reach of its cryptocurrency services thanks to this partnership. Coinbase stock will also use the data and analytics capabilities offered by Google Cloud to give its clients insights into the cryptocurrency market powered by machine learning.
In addition to that, Google (GOOGL) is going to employ Coinbase Prime, which is a service that permits cryptocurrency custody as well as trading.
The Chief Executive Officer of Google Cloud, Thomas Kurian, commented: “Our emphasis is making it frictionless for all clients to use our scalability, dependability, security, and data services so that they can concentrate on innovation in the Web3 domain.”
According to a recent blog post, this announcement comes on the heels of Coinbase stock getting in-principle clearance to sell its cryptocurrency services in Singapore from the country’s central bank. This is another triumph for the exchange as it attempts to extend its worldwide presence.
In December 2017, Google began experimenting with allowing limited crypto advertising.
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Coinbase stock surged due to the company’s partnership with Google to incorporate cryptocurrency payments into cloud services.
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Author Shariq Khan 
