Google cloud launches crypto payments in partnership with Coinbase
Google Alphabet (NASDAQ: GOOG) opens up to crypto payments. The Mountain View company will begin offering the ability to deposit and store virtual coins through cloud services.
The service will start as early as 2023 in collaboration with the Coinbase platform (NASDAQ: COIN) , one of the best cryptocurrency exchanges in the world that allows traders to buy and sell cryptocurrencies.
From next year Google will therefore offer the possibility to pay for its cloud services with Bitcoin (BTC) and Ethereum (ETH) , the most important cryptocurrencies by market capitalization, but it is not excluded that it will subsequently integrate other cryptocurrencies.
Initially, the cryptocurrency service will be offered to a select group of institutional clients already active in Web3, but will subsequently be expanded to a wider audience.
Google cloud announces crypto payments
The news was spread to the media directly by Thomas Kurian , CEO of Google Cloud and Brian Armstrong , co-founder and CEO of Coinbase.
A collaboration that arises from Google's need to develop the transition process on the Web3 by entrusting the task to one of the most important cryptocurrency brokerage companies.
After the announcement, the Nasdaq -listed Coinbase exchange recorded an increase in the value of its shares of + 4.65% to $ 70.16, which can be verified in the real-time graph below.
The Google cloud announcement on cryptocurrencies follows that of Bank of New York Mellon , the ancient multinational banking sector active since 1784 which has offered its customers the possibility of depositing and keeping the most profitable cryptocurrencies such as BTC and ETH.
Google launches crypto payments and Bitcoin records a slight rise
In other times, the news of Google cloud that opens up to payments in cryptocurrencies would have made the value of Bitcoin skyrocket and dragged the entire cryptocurrency sector upwards.
Yet after the announcement, the BTC fell by 0.7% and then recorded a slight rise of 0.61% just above 19 thousand dollars in the following 12 hours .
We are very far from the highs recorded only last year in November 2021, when Bitcoin even reached 69 thousand dollars.
Moreover, as long as inflationary pressure is unstoppable and the Federal Reserve is forced to raise interest rates, the crypto sector is unlikely to record significant rises.
The same goes for Ethereum which after the news lost 1.4% to 1,290 dollars . It will presumably have to wait for the slowdown in the inflation rate to see the first signs of recovery in cryptocurrencies.
Certainly the very low price attracts millions of traders interested in taking advantage of the opportunity to invest in cryptocurrencies at a more attractive price and generate interesting profit margins, net of the risks deriving from the high volatility typical of these markets.
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