2022 is not a good year for cryptocurrencies. Between the collapse of the values of the main cryptos, such as Bitcoin or Ethereum, bankruptcies and layoffs, it is difficult to have an optimistic view for this market.
However, for some experts, this is a temporary downtrend. Plus, there’s still some good news.
Google will accept cryptos
For example, this week during its Cloud Next conference, Google announced a partnership with the Coinbase exchange to accept cryptocurrency payments. One more step taken, which positions crytos as a means of payment.
Before you get carried away, know that for the moment, this partnership will not allow you to pay for your Play Store purchases or your YouTube Premium subscription using Bitcoin directly (some will tell you, however, that it is only a matter of time). . Indeed, the announcement made by the Mountain View company only concerns its Cloud services.
Quoted by CNBC, Amit Zavery, vice president and general manager and head of platform at Google Cloud, explains that initially, Google will enable a number of customers in the web3 (the decentralized web and based on the blockchain) to pay for Google Cloud Platform services using cryptocurrencies.
But later, this possibility to pay in crypto will be extended to more customers. For the moment, consumer services are not mentioned.
Bitcoin, Bitcoin Cash, Dogecoin, Ethereum
As a reminder, Coinbase Commerce, the platform that will be used by Google to accept payments in crypto, supports a dozen cryptos, including Bitcoin, Bitcoin Cash, Dogecoin, Ethereum and Litecoin.
We also know that Coinbase will receive a commission on these transactions. And in return, the cryptocurrency exchange will start using Google’s cloud platform, instead of Amazon Web Services, which it has used for years.
Google wants to seduce web3 players
Besides the fact that this news will delight the crypto market, even if it only concerns part of Google’s activity, it should also better position Google Cloud compared to its competitors. Indeed, by accepting cryptos, it offers a payment option that is not available from its competitors. Google should indeed be more suitable for companies that generate revenue in cryptocurrencies and which will therefore no longer have to convert these cryptos to pay for its cloud services.
Moreover, the Mountain View firm is not satisfied with payments in cryptos. A few months ago, Google Cloud launched an internal initiative to make its service the first choice for players working on the web3.
According to the latest figures available, the cloud now represents 9% of Google’s revenues.