Google is increasingly interested in blockchain and web3, as well as cryptocurrencies. And recently, the firm made an announcement that briefly boosted the value of the SOL cryptocurrency. As a reminder, SOL is the native cryptocurrency of the Solana blockchain.
Surprise, Google Cloud offers new products for Solana
In a tweet posted this weekend, Google Cloud made a surprise announcement for the cryptocurrency industry. The branch of the Mountain View firm reveals that it has a block participating in the validation of the Solana network.
But that’s not all ! The firm also announces a partnership with the Solana blockchain to support it on its “Blockchain Node Engine” service from 2023. Concretely, this means that Google Cloud customers will be able to use this service from the firm of Mountain View to create a Solana node.
Currently, this Google Cloud service only supports the Ethereum blockchain. In an announcement published in October, the firm explained how its Node Engine will facilitate the work of developers and allow them to save time (to simplify, since it is quite technical):
“Google Cloud’s Blockchain Node Engine can make this process faster and easier by allowing developers to deploy a new node in a single operation and specify the desired region and network (mainnet, testnet).”
On the other hand, BigQuery, Google’s “multicloud data warehouse”, will also index Solana’s data. This will make it easier for developers to mine historical blockchain data.
News that sent cryptocurrency soaring
In essence, Google wants to bet big on Solana. And after this announcement, the cryptocurrency associated with the blockchain was on a small cloud. Indeed, the announcement has increased the value of it by 15%.
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— tattoome (@tattoomealways) November 5, 2022
However, since then, SOL has already undergone a correction. But in any case, the reaction of the markets shows the importance of the support of a tech giant such as Google.
This was shortly after the price had surged by about 15% two days ago. Will $SOL go to the moon from here or not? How box is open!👇#crypto #trading #cryptoprice #FLOOR #altcoin pic.twitter.com/KjYaZIFc16
— Bonsai Trade (@bonsai_trade) November 7, 2022
Google Cloud already accepts crypto payments
Before the announcement of this partnership with Solana, Google had formalized a collaboration with another major player in cryptocurrency: Coinbase. Thanks to the Coinbase Commerce service, Google will allow certain web3 players to pay for Google Cloud services using cryptocurrencies. Then, this will be extended to a larger number of customers.
Coinbase charges a commission on these crypto transactions. But in return, the cryptocurrency exchange will start using Google Cloud, instead of Amazon’s services.
Although we are currently in a downward trend (besides, Google’s advertising revenues have been weighed down by the collapse of cryptocurrency values), Google seems to believe in the future of cryptocurrencies, the blockchain and the web3. And Google Cloud is gradually positioning itself to become the most suitable solution for developers working in these areas.