Today we’re delighted to announce that Coinbase has formed a strategic web3 partnership with Google Cloud. As this deal has come together, we’ve been working closely with the Google Cloud team for many months. What inspired us the most was seeing that the Google Cloud team recognizes the importance of expanding crypto services and building in Web3.
Web3 is the next generation of the internet that will allow people to own digital property within an open, decentralized environment. Over the next few years, we believe every company and developer will be building on Web3 — to the point where Web3 will become synonymous with the internet itself.
There are four parts to this partnership:
First, Google Cloud will be positioned to enable select customers, starting with those in the Web3 ecosystem, to pay for its cloud services via select cryptocurrencies through Coinbase Commerce. Coinbase Commerce is a platform that helps merchants anywhere in the world accept cryptocurrency payments. Merchants can get paid in crypto, and access powerful tools for crypto integration and business analysis. We currently support a full spectrum of merchants with Coinbase Commerce from companies like Alo Yoga to Anheuser Busch and WeWork.
Second, web3 developers will have access to Google Cloud's blockchain data through BigQuery- and this offering will be powered by Coinbase Cloud’s Node service. The integration will allow developers to instantly and reliably operate Web3-based systems without the need for expensive and complex infrastructure.
Third, Google will use Coinbase Prime for institutional crypto services, like secure custody and reporting. Coinbase Prime is an integrated solution that provides secure custody and an advanced trading platform for institutional investors and corporates. We have over 14,500 institutional clients, including some of the largest traditional financial firms, and are thrilled to add another exceptional client to our roster.
Finally, Coinbase selected Google Cloud as a strategic cloud provider to build advanced exchange and data services. Coinbase will use Google Cloud’s powerful compute platform to process blockchain data at scale, and enhance the global reach of its crypto services by leveraging Google's premium fiber-optic network. Coinbase will also build its global data platform on Google Cloud's secure infrastructure and leverage their leading data and analytics technologies to provide Coinbase customers with machine learning-driven crypto insights.
Over the course of our conversations with the Google Cloud team, we were impressed by their commitment to security and compliance, their history of supporting open source projects, and the robustness of their compute platform.
We are excited to partner with an industry leader, and hope it will allow developers everywhere to build great products for the web3 ecosystem.