Google announced Tuesday that it plans to use Coinbase to let some customers pay for its online products using cryptocurrency by mid-2023.
Coinbase is a digital currency exchange company that provides a platform for trading between fiat and cryptocurrencies.
Coinbase was founded in 2012 by Brian Armstrong and Fred Ehrsam. Coinbase is headquartered in San Francisco, California, with offices in New York City, Chicago, London and Tokyo.
It allows its users to buy, sell and store bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and other cryptocurrencies. It also provides a cryptocurrency wallet called the “Coinbase Wallet”, which allows its users to make transactions on the blockchain without incurring transaction fees.
The new partnership could help Google gain ground in a fast growing cloud computing market, where its main rivals don’t allow their customers to use digital currency payments.
Coinbase, which generates most of its revenues from retail transactions, will shift data-oriented
Google Cloud Infrastructure will initially allow a few companies to use its cloud computing services to
Over time, Google may eventually allow many more customers to pay for goods and services using cryptocurrencies. However, at present, most major cryptocurrencies have lost value by more than 60%.
Coinbase has agreed to pay a fee for every transaction made using its platform.
It was not guaranteed that Google would choose Coinbase as its payment processor for the new service. PayPal offered a similar service, but Coinbase had the greater capabilities.
More to come.