Is Google now joining the crypto party following its latest move?

Google has revealed a new partnership. Here are the details.

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Key points

  • Google Cloud and Coinbase have announced a strategic partnership
  • The partnership is intended to help boost the development of Web3
  • Google will begin accepting crypto payments from select customers in early 2023

Alphabet Inc (NASDAQ: GOOG), or Google to you and me, looks to be joining the crypto party.

Google has been gradually increasing its footprint in the crypto space for some time now.

And this week, the tech giant announced a partnership with Coinbase Global Inc (NASDAQ: COIN) to improve the Web3 ecosystem.

Google Cloud to accept crypto payments

According to news provided by Google Cloud, that partnership will see certain customers be able to pay for their cloud services via select digital tokens.

Coinbase supports numerous cryptos, including Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE).

Following the initial rollout in early 2023, Google will likely expand that offering to more customers.

Atop enabling payments in select tokens, CNBC reports that Google is also looking into the possibility of employing Coinbase Prime. Coinbase Prime stores companies' cryptos alongside enabling trades.

What did management say?

Commenting on the partnership that will see Google Cloud accept crypto payments, Coinbase CEO Brian Armstrong said: "We are excited Google Cloud has selected Coinbase to help bring Web3 to a new set of users and provide powerful solutions to developers."

Armstrong continued:

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.

Google Cloud CEO Thomas Kurian also touted the advantages for Web3 developers:

We want to make building in Web3 faster and easier, and this partnership with Coinbase helps developers get one step closer to that goal… Our focus is making it frictionless for all customers to take advantage of our scalability, reliability, security, and data services, so they can focus on innovation in the Web3 space.

It's unclear if Google intends to hold the Bitcoin, Ethereum or other cryptos it receives as payment for its cloud services or swap them for fiat currency.

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Alphabet (A shares), Alphabet (C shares), Bitcoin, and Ethereum. The Motley Fool Australia has positions in and has recommended Alphabet (A shares), Alphabet (C shares), Bitcoin, and Ethereum. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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