Google has announced that soon it will be possible to pay for the company’s cloud service subscription using digital currencies. The search giant will partner with a digital currency exchange called Coinbase in early 2023 to enable the ability to pay for its cloud services subscription using cryptocurrencies. In contrast, Coinbase has also announced that this exchange will use Google’s cloud infrastructure.
Following the announcement, Coinbase shares rose 8.4% in after-hours trading on Tuesday; Although the stock value of this exchange has decreased by more than 70% in the last year.
As a result, Google plans to accept 10 different digital currencies, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Dogecoin. This feature will be launched early next year and will be available to a limited number of users at first. However, this feature will eventually cover all users.
Coinbase earns most of its revenue from retail transactions. This exchange will move its applications from Amazon Web Services to Google Cloud. The terms and conditions of this deal have not been announced yet; But Coinbase will undoubtedly charge a percentage of the amount of transactions made on the platform of this exchange as a fee.