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The 'collaboration' was unveiled at Google's Cloud Next conference and would help Google attract new enterprises in a competitive, fast-paced market. The agreement would be unique in that Google's main competitors do not presently enable users to pay using digital currency. Coinbase's VP of business development, Jim Migdal, disclosed that the crypto exchange would shift its data-related applications from Amazon Web Services to Google Cloud, which has been its partner for years.
Google will gradually allow other consumers to pay using cryptocurrency. Coinbase Commerce now accepts eleven currencies, including Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, and Litecoin. The deal's details have yet to be published. Coinbase, like previous Coinbase Commerce partnerships, will earn a portion of transactions that go through it. Zavery also stated that Google was first concerned if it would use Coinbase for payments because PayPal already assists with the same. However, had the most potential. In terms of Google Cloud, it has assisted Google's parent company Alphabet in diversifying away from advertising, and it currently accounts for 9% of revenue, up from less than 6% three years ago.
Movement of Alphabet’s stocks in the last five years. (Source: Google Finance)
Sources:
https://www.google.com/finance/quote/GOOGL:NASDAQ
https://www.investopedia.com/google-partners-coinbase-6749264#:~:text=Google%20has%20partnered%20with%20cryptocurrency,to%20foster%20Web3's%20development%20ecosystem.