Google’s Cloud Services Will Support Cryptocurrency Transactions.
Alphabet’s (GOOGL) cloud computing business will start taking payments in cryptocurrencies from customers in early 2023. Alphabet is the parent company of Google. The news came out Tuesday at the company’s annual cloud computing conference. It caused Google stock to go down a little bit.
A news release from Google says that the crypto payment platform is a partnership with Coinbase (COIN).
There has been a lot of stress on crypto stocks recently. When Google made the announcement, COIN stock went up at first. But today, as the Nasdaq composite fell again, Coinbase stock fell 0.5% to 66.58 on the stock market. GOOGL stock fell 0.5% to 97.35.
Coinbase will also use Google Cloud to handle its blockchain-based cryptocurrency services. The public shared ledger for Bitcoin is called a “blockchain.” It is stored on networked computers all over the world.
Also, Coinbase will use Google’s data analytics for services for cryptocurrency users. In turn, Google will use Coinbase Prime for crypto services for institutions.
On top of all that, the project could help spread the word about Web3, which many people see as the internet of the future.
In a press release, Google Cloud Chief Executive Thomas Kurian said, “We want to make building on Web3 faster and easier, and this partnership with Coinbase helps developers get one step closer to that goal.” “We’re happy that Coinbase chose Google Cloud as its strategic cloud partner, and we’re ready to serve the growing global Web3 customer and partner ecosystem.”
From Tuesday to Thursday, the internet giant will host Google Cloud Next 2022. Many people think that the event will show off new products and services for cybersecurity. Google plans to show off new services for “confidential computing,” which is thought to be a way to keep data safe on cloud platforms.
Google is trying to catch up to Amazon Web Services and Microsoft in cloud computing, where Kurian is in charge (MSFT). Amazon.com has a part called AWS (AMZN). AWS and Microsoft do not yet accept crypto payments for cloud computing services.
Also, Kevin Mandia, the CEO of Mandiant, is expected to be at the Google Cloud event. Google recently paid $5.4 billion to buy Mandiant.
In 2022, GOOGL stock fell by 32% because of the bear market. IBD Stock Checkup says that Google stock has a Relative Strength Rating of only 30 out of a maximum of 99. Most of the best stocks have an RS score of 80 or more.
Along with GOOGL stock, Coinbase stock also has a low RS rating of 21. In 2022, COIN stock fell by 73%.