Google Cloud and cryptocurrency exchange Coinbase have formed a long-term partnership aimed at better serving Web3 developers.
Coinbase has selected Google Cloud as a strategic cloud provider to create advanced exchange and data services, the companies said in a news release on Tuesday (October 11).
According to the release, Coinbase will use Google Cloud’s computing platform to “process blockchain data at scale and improve the global reach of its crypto services using Google’s premium fiber optic network.”
In addition, Coinbase will build its global data platform on Google Cloud’s infrastructure and use its data and analytics technologies to provide Coinbase customers “with machine learning-driven crypto insights.”
Google Cloud will also allow select customers, starting with those in the Web3 ecosystem, to pay for its cloud services via certain cryptocurrencies. The release noted that Google will use Coinbase Prime for institutional crypto services, such as safekeeping and reporting.
“Powered by Coinbase Commerce – which enables merchants worldwide to accept cryptocurrency payments in a decentralized manner – the new payment experience will benefit Google Cloud’s customers and partners by increasing the optionality of payments for Google Cloud services,” reads the release.
PYMNTS noted last month that there were still some unanswered questions about Web3. For example, Web3 assumes a distributed infrastructure – including distributed data storage – where technology giants like Google Cloud don’t manage everything.
Read more: Jury still out on Web3 taking shape
This begs the question: Who will pay the electric bill for the land-based server farms that the cloud actually runs on?
Web3 is built on blockchains – that’s where the privacy and security comes from with centralized, private corporate ledgers – but today’s blockchains can’t even store a non-fungible token (NFT) image due to the size and cost.
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