According to CNBC, Google is tying up with Coinbase for cloud payments with cryptocurrencies, but the agreement’s terms weren’t made public.
Following Google’s announcement that it has chosen the exchange to accept cloud cryptocurrency payments and will use its custody service, Coinbase shares are soaring in the pre-market.
According to CNBC, a connection with the Coinbase Commerce service will allow a small number of clients in the Web3 world who wish to pay with cryptocurrencies to first use the Google Cloud Platform infrastructure service to process their payments.
Google is also investigating the use of Coinbase Prime, a service that securely keeps the cryptocurrency of companies and enables them to conduct trades. Google, according to Zavery, would test the waters and “see how we might engage” in the management of bitcoin assets.
The agreement’s terms weren’t made public. But like past Coinbase Commerce agreements, Jim Migdal, vice president of business development at Coinbase, indicated that Coinbase will receive a cut of any transactions that pass through it.
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“We did look at other companies for the cryptocurrency side of it,” Zavery said. Ultimately, he said, Coinbase had the greatest capability.
The Google news follows another victory, as the Monetary Authority of Singapore, the country’s central bank, granted “in-principle approval” for the Singapore branch of the US cryptocurrency exchange to offer cryptocurrency services in Singapore (MAS).
In the pre-market, COIN is up 8%. (which just retraces losses from late last week)…
The prospect for further adoption continues to fly in the face of falling cryptocurrency prices, and Bitcoin is marginally up on the news.