Google is officially tapping into the crypto market as a form of payment for its goods and services.
Key Details
- Google is stepping into the cryptocurrency market by partnering with one of the biggest crypto exchanges in the world—Coinbase.
- The deal between the two companies will allow Coinbase customers to pay for Google services with cryptocurrencies.
- This deal marks a big step in the cryptocurrency community and could help popularize the use of cryptocurrencies as payment options.
Why it’s important
Cryptocurrencies had a rough summer hitting major slumps and big sell-offs.
June was a brutal month for cryptocurrencies. Bitcoin dropped 37.3% in June alone, giving it the largest fall since 2011. The sell-off was triggered by inflation fears and investors trying to liquidate.
The major sell-off caused job cuts in many crypto companies and even forced some lenders to pause withdrawals. Coinbase shares have dropped more than 60% this year due to the tech-stock selloff. In July things started looking up as Bitcoin and other cryptocurrencies skyrocketed with a major comeback after the large tech-stock selloff.
Now cryptocurrencies seem to be back in the good graces of investors and businesses as large companies are seeking partnerships with crypto firms to get into the market.
Cryptocurrencies are popular within a certain crowd, but it is starting to get into the mainstream and this partnership with Google could be just the push the currency needed.
Starting next year, customers will be able to pay for Google Cloud services with cryptocurrency using Coinbase Commerce. The full terms of the deal haven’t been released yet, but a portion of each transaction will be given to Coinbase.
Other crypto news
Cryptocurrencies have been gaining popularity and many companies are trying to make it easier for consumers to pay for products with the coins.
A new development coming soon is crypto cards. Cryptocurrency exchange platform FTX is partnering with Visa to offer debit cards linked to FTX accounts.
This partnership will make it easier for those with cryptocurrency holdings to make everyday purchases. The cards will be linked to the customers FTX accounts and will be able to be used at any store in Visa’s vast network of over 80 million merchants.
