Google teams up with Coinbase to accept crypto for cloud services
Justin Sullivan

Coinbase Global (NASDAQ:COIN) stock advanced 3.6% in Tuesday premarket trading after tech giant Google (NASDAQ:GOOGL) said it will let some customers pay for its cloud services with digital tokens like bitcoin (BTC-USD) and ethereum (ETH-USD) via Coinbase starting in early 2023. 
The move is set to increase the optionality of payments for Google Cloud services thus widening the potential for crypto adoption, according to a release. Coinbase Commerce, which allows merchants to accept crypto payments, will power the new payments experience. 
In an effort to better serve the growing web3 ecosystem and its developers, Coinbase (COIN), America's largest crypto exchange by trading volume, will use Google Cloud to build exchange and data services.
By leveraging Google Cloud, Coinbase (COIN) can process blockchain data and expand the global reach of its crypto services. And to provide its customers with machine learning-driven crypto insights, Coinbase will also utilize Google Cloud's data and analytics technologies. 
On top of that, Google (GOOGL) will use Coinbase Prime, a service that enables crypto custody and trading. 
"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," Google Cloud CEO Thomas Kurian said in a statement. 
The news comes on the heels of Coinbase (COIN) gaining in-principle approval to offer its crypto services in Singapore from the country's central bank, in another win for the exchange as it seeks to expand its global footprint, according to a recent blog post. 
Last year, Google allowed crypto advertising with limits.