Coinbase stock rises after adding Google partnership on payment, cloud

Coinbase Global entered into a partnership with Alphabet’s Google over cloud services and payments, its latest corporate pact after prior accords with BlackRock and Meta Platforms.

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.

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 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.