- A recent announcement revealed plans for a strategic partnership between Google Cloud and Coinbase
- The crypto payment services will only be available to companies that have shifted to Web3
- Google Cloud will only limit to the type of cryptocurrency acceptable in the big leagues, such as Bitcoin, Ether, Litecoin, Dogecoin, and Bitcoin Cash
- Google has expressed its interest in exploring the Web3 ecosystem in hopes of improving not only as a cloud service provider but also upgrading its entire system
With the consistent rise of crypto adoption in Africa and globally, more and more organizations are offering crypto payment services. This shift will significantly improve the transition to Web3 and decentralized finance, making it easier for crypto traders to enjoy more of their hard-earned profits.
Innovations in technology are rising astoundingly, and interoperability is a must-have feature of most of these new inventions. By cooperating with another mechanism, we can achieve an efficient system that provides functionalities that no individual service can offer.
Cloud service provider Google Cloud recently announced its cooperation with Coinbase, a leading crypto exchange platform. The move is a significant step for cryptocurrency.
Brief Background on Coinbase
Coinbase is a central crypto exchange platform that has steadily provided access to cryptocurrency since its recent popularity burst. The crypto exchange platform is known for its security and consistency during transactions and usability.
To achieve this, it only supports popular cryptocurrencies to avoid any crypto scams and fraud. It supports all major cryptocurrencies such as Bitcoin, Ethereum, Solana, and more than 120 other altcoins within its network.
Accessing a Coinbase account is relatively easy, and they always communicate the desired qualification parameters. This user-friendly interface has dramatically attracted many users. Its rise to fame has also allowed it to work with different organizations shifting to a crypto payment service.
Another critical question is the number of gas Fees it has. This depends on various factors, such as your account type, the size of the transaction and the funding source.
To curb this demerit, Coinbase allows its users to buy fractions of a coin to accommodate new crypto traders. It also offers an elevated account with additional features for veteran crypto traders called Coinbase Pro. It provides different trading options and more advanced charting features.
Regarding safety, there have been several concerns about the crypto exchange platform’s blockchain security. To mitigate this, Coinbase has offered an alternative solution, the hardware wallet. The concept behind the hardware wallet is that Coinbase no longer stores your money.
They enable you to store crypto using an app, software or hardware. So in case anyone gains access to their account, it won’t give them access, but you need to remember your private key.
These features have inspired many banks and companies have turned to crypto payment services to keep up with the trend.
If you’ve discovered this article, you have interacted with Google, which offers various features. Google Cloud is the cloud service provider that the company has developed.
Cloud service provider Google Cloud collaborates with Coinbase.
A recent announcement revealed plans for a strategic partnership between Google Cloud and Coinbase. The cloud service provider will incorporate a crypto payment service in early 2023. Coinbase will also move its data-related applications to Google from Amazon Web Services.
The crypto exchange platform will utilize Google Cloud’s compute platforms to process blockchain data within Google’s scale to improve the global reach of both cloud and crypto services.
It will also build its global data platform on the cloud service provider’s infrastructure and capitalize n improving the experience and capabilities of its users. It will also assist in promoting Web3 knowledge to cloud users and organizations that heavily utilize cloud technology.
For its initial run, the crypto payment services will only be available to companies that have shifted to Web3. Google Cloud will only limit the type of cryptocurrency acceptable to the big leagues, such as Bitcoin, Ether, Litecoin, Dogecoin, and Bitcoin Cash.
Although this announcement came after the value of cryptocurrency is still in its Crypto Winter seasons. A Coin base report indicates a revenue decline of nearly 64% IN Q2 as major investors sold their cryptocurrencies.
Despite this, Google still has expressed its interest in exploring the Web3 ecosystem in hopes of improving not only as a cloud service provider but also upgrading its entire system. Thomas Kurian, CEO of Google Cloud, stated they desire to make building in Web3 faster and easier.
Partnering with the crypto exchange platform will help developers get one step closer. They are proud that Con base chose Google Cloud as its strategic cloud partner and are ready to serve the thriving global Web3 customer and partner ecosystem.
What does this mean for Africa
A good portion of Google Cloud customers resides in Africa. They include pan-African telecommunication networks like Safaricom and MTN, e-commerce companies like South Africa’s Takealot, Konga; Kenya’s Twiga foods; and more.
Currently, only MTN has shown significant interest in cryptocurrency and Web3. One benefit of interoperability between different services; it allows its customers to understand additional functionalities that were once foreign to them.
The cloud service provider might have just set up another means to encourage the adoption of Web3. Granted, the first launch of these services will be unavailable to these services. Still, it will interest various figureheads after significant improvement and acceptability within its initial launch.