Coinbase Global Inc. entered into a partnership with Alphabet Inc.’s Google over cloud services, its latest corporate pact after prior accords with BlackRock Inc. and Meta Platforms Inc.
(Bloomberg) — Coinbase Global Inc.
entered into a partnership with Alphabet Inc.’s Google over cloud services, its latest corporate pact after prior accords with BlackRock Inc. and Meta Platforms Inc.
Google Cloud will enable some customers, starting with those in the web3 industry, to pay using cryptocurrencies through Coinbase, according to a statement.
Google will also use Coinbase Prime for institutional crypto services, such as custody and reporting.
Shares of Coinbase rose 4.3% on Tuesday. The stock is down roughly 72% so far this year amid a global rout that has hit risky digital assets particularly hard.
With the pact, the largest US crypto exchange company will move some data-related applications to Google from the Amazon Web Services cloud, according to a Coinbase spokesperson.
The partnership with Google further “solidifies Coinbase’s opportunities across non-trading revenue streams,” and may eventually help it expand share, according to Bloomberg Intelligence analysts Paul Gulberg and Ethan Kaye.
The firm has been cementing its presence by securing partnerships with companies outside of the digital-asset industry.
In August, BlackRock Inc. announced a pact with Coinbase to make it easier for institutional investors to manage and trade Bitcoin, while Meta, the parent company of Facebook and Instagram, said it will support integration with Coinbase Wallet, among others.
(Adds stock move in third paragraph.)
More stories like this are available on bloomberg.com
©2022 Bloomberg L.P.
