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Google will accept crypto payments for cloud services from early 2023

Google will accept crypto payments for cloud services from early 2023

12 Oct, 2022 - 3 min read

Google Cloud and cryptocurrency exchange Coinbase have entered into a long-term partnership that will see customers able to pay for cloud services with a number of different cryptocurrencies.

Select customers in the Web3 ecosystem will be the first permitted to use crypto payments to purchase cloud services via Coinbase Commerce from early next year.

Google Cloud vice president and general manager and head of platform Amit Zavery told CNBC that the ability to utilise crypto payments would be extended to many more customers over time.

Coinbase Commerce, the crypto exchange’s platform that assists global merchants accept cryptocurrency payments, currently supports 10 digital currencies - Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), USD Coin (USDC), Tether USD (USDT), Ape Coin (APE), Dai (DAI) and Shiba Inu (SHIB).

Google Cloud offers a range of digital services for computing, storage, networking, data, machine learning and the Internet of things (IoT), plus cloud management, developer and security tools.

As part of the deal, Coinbase will transfer some of its applications from Amazon Web Services to Google Cloud. Additionally, Google is exploring ways to use Coinbase Prime, an integrated solution for institutional investors that provides secure custody of crypto assets and advanced trading capabilities.

Web3 is the next generation of the internet that will allow people to own digital property within an open, decentralised environment, according to Coinbase.

“Over the next few years, we believe every company and developer will be building on Web3 - to the point where it will become synonymous with the internet itself,” Coinbase said in a press release.

Is cryptocurrency a practical payment option?

Crypto prices have plummeted in the last year after hitting all-time highs during the covid pandemic.

Crypto’s notorious volatility and lack of real-world use cases means that, currently, its viability as an efficient and effective form of payment is unproven and questionable at best.

However, there may be potential for stablecoins to become reliable methods of settlement. The proposition of these types of altcoins is to offer an equable market pair with fiat currencies, such as the US dollar, thus reducing or eliminating price volatility. Both Tether and USD Coin are supported by the Coinbase Commerce platform.

What about Bitcoin?

The crypto marketplace is an incredibly speculative financial exchange. The value of coins varies day to day, sometimes minute to minute. While most money markets are tough to predict, crypto is akin to the wild west.

Deciding whether or not to invest in Bitcoin is a subjective question. Investing in any asset has inherent risks, and it pays to research your options. Bitcoin seems to be in a slump and markets remain bearish. So, is this the time to buy?

Not interested in cryptocurrency investment? How about the nouveau market for cryptoart and NFTs?

Given its esoteric reputation, you might assume that cryptocurrency is not a taxable asset in Australia. Think again. The Australian Taxation Office (ATO) has your crypto earnings in its crosshairs, so don’t skip on your declarations.

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This information does not reflect any ranking, rating, recommendation or endorsement by RateCity of cryptocurrency or any specific provider. RateCity is providing factual information supplied by providers. Not all providers or products are shown. RateCity will earn a fee from the providers displayed in the table (if a link to the provider's website is shown), and the fee levels determine placement in the table. Cryptocurrencies are speculative, complex and can involve significant risks. RateCity is not providing a recommendation for your individual circumstances.

Disclaimer

This article is over two years old, last updated on October 12, 2022. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent cryptocurrency articles.

Compare cryptocurrency exchanges

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Swyftx

Cryptocurrencies available: 245

Fiat Currencies Accepted: AUD, NZD

Trading Fee: 0.6%-0% based on a rolling 30 day's trading volume

Withdrawal Fee: $0 for AUD/ Deposit's withdrawals. Network transaction fees apply while transferring coins to an external wallet

Deposit Fees: No POLi fees. No fees on cryptocurrency and PayID deposits. Credit/Debit card deposits supported (5% fee)

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Cryptocurrencies available: 57

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Cryptocurrencies available: 245

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Trading Fee: 0.1%-0.5% based on a rolling 30 day trading volume.

Withdrawal Fee: None for Australian bank accounts - Instant withdrawals through Osko/PayID.

Deposit Fees: No fees for Osko/PayID, Direct Deposit, Bank Transfers or cryptocurrency. POLi fees range from $2-$3.30.

CoinSpot

Cryptocurrencies available: 263

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Product database updated 25 Nov, 2024

This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

Peter Terlato

Personal Finance Editor

Peter Terlato is a content writer with more than a decade of journalism experience. His work has appeared in a number of global publications including finder, Business Insider, Lifehacker and ETB Travel News. He's written extensively about finance, politics, technology, travel and lifestyle. At RateCity, Peter published news and guides across an array of topics, from credit cards and the cash rate to car loans and cryptocurrency.