The Web3 ecosystem will benefit from Coinbase and Google Cloud’s “long-term strategic cooperation.”
The exchange plans to construct “advanced exchange and data services” using Google Cloud, enabling it to analyze blockchain data at scale.
As part of the agreement, Coinbase clients will receive “machine learning-driven crypto insights,” according to a release.
Customers of Google Cloud will be able to pay for services using a variety of cryptocurrencies, which might be a boon for adoption.
The co-founder and CEO of Coinbase, Brian Armstrong, stated:
“With more than 100 million verified users and 14,500 institutional clients, Coinbase has spent more than a decade building industry-leading products on top of blockchain technology. We could not ask for a better partner to help execute our vision of building a trusted bridge into the Web3 ecosystem.”
The revelation caused the share price of Coinbase to increase by 6.5% to $71.40. It is a rare bit of positive news given that the stock has been pounded during the most of this year. In addition to decreasing in tandem with Bitcoin, investors have been shaken by a slowdown in trading volumes, as transaction fees are a significant source of revenue for the exchange.
Google’s participation will also raise questions about whether Web3 is gradually becoming more like Web2.
Google Cloud said in January that it was assembling a new, dedicated “Digital Asset Team” to support the blockchain ecosystems of the future.
