Enthusiasm for cryptocurrencies has settled down from its peak a year ago. But innovation in the space continues undaunted. Today we learned that one of the pioneering companies in digital assets, Coinbase, has forged a strategic partnership with Google Cloud. The partnership calls for Coinbase to use Google Cloud as its strategic cloud provider for developing advanced exchange and data services. Google Cloud’s platform will enable Coinbase to process blockchain data at scale, and boost the international reach of its services courtesy of Google Cloud’s fiber optic network. Coinbase will also benefit from Google Cloud’s secure infrastructure and the company’s data and analytics capabilities.
“We are excited Google Cloud has selected Coinbase to help bring Web3 to a new set of users and provide powerful solutions to developers,” Coinbase CEO and co-founder Brian Armstrong said. “With more than 100 million verified users and 14,500 institutional clients, Coinbase has spent more than a decade building industry-leading products on top of blockchain technology. We could not ask for a better partner to help execute our vision of building a trusted bridge into the Web3 ecosystem.”
The partnership also means that Google Cloud will enable select customers to pay for its cloud services with designated cryptocurrencies. The functionality will be powered by Coinbase Commerce, which provides a decentralized way for merchants around the world to accept cryptocurrency payments. Further, Web3 developers will be able to access Google’s BigQuery crypto public datasets – powered by Coinbase Cloud Nodes – across leading blockchains. This will enable developers to operate Web3-based systems without requiring expensive and unwieldy infrastructure.
Google Cloud CEO Thomas Kurian said the partnership would help make it easier and faster for developers to build Web3. Kurian highlighted the “scalability, reliability, security, and data services available via Google Cloud” which he said would enable developers to “focus on innovation in the Web3 space.” Google also announced that it will use Coinbase Prime for institutional crypto services such as secure custody and reporting.
Coinbase’s partnership news with Google Cloud comes as the cryptocurrency innovator announces that it has secured regulatory approval from the Monetary Authority of Singapore (MAS). The company received its In-Principle Approval (IPA) as a Major Payments Institution license holder, which will enable Coinbase to offer regulated Digital Payment Token products and services in Singapore. It’s worth noting that Coinbase is no stranger to the country. The company introduced the island nation as its technology hub last year. And over the past three years, Coinbase’s venture capital arm, Coinbase Ventures, has invested in more than 15 Singapore-based Web3 startups.
“Today’s announcement underlines our commitment to Singapore as a regional hub that allows us to unlock new capabilities for Singapore-based institutional and corporate clients in the future,” Coinbase’s Nana Murugesan wrote on the company blog this week. “Gaining this in-principle approval from MAS is an important step, as we plan to launch our full suite of retail, institutional, and ecosystem products.”
Coinbase made its Finovate debut in 2014 at FinovateSpring in San Francisco, California. Founded in 2012, the company now enables more than 100 million people and businesses to buy, sell, and manage cryptocurrencies. Coinbase has a quarterly trading volume of $217 billion, and $96 billion in assets on its platform. With partners in more than 100 countries, and 4,900+ employees, Coinbase is a publicly-traded company on the NASDAQ exchange under the ticker COIN and has a market capitalization of $16 billion.