Coinbase Jumps After Google Cloud Picks Exchange For Crypto Payments

Coinbase shares are surging in the pre-market after Google reports that it has selected the exchange to take cloud payments with cryptocurrencies and will use its custody tool.

As CNBC reports, the Google Cloud Platform infrastructure service will initially accept cryptocurrency payments from a handful of customers in the Web3 world who want to pay with cryptocurrency, thanks to an integration with the Coinbase Commerce service

Google is also exploring how it can use Coinbase Prime, a service that securely stores organizations’ cryptocurrencies and allows them to execute trades. Zavery said Google will experiment and “see how we can participate” with managing cryptocurrency assets.

Terms of the deal weren’t disclosed. But like other Coinbase Commerce arrangements, Coinbase will earn a percentage of transactions that go through it, Jim Migdal, Coinbase’s vice president of business development said.

Over time, Google will allow many more customers to make payments with cryptocurrency, Amit Zavery, vice president and general manager and head of platform at Google Cloud said. Coinbase Commerce supports 10 currencies, including Bitcoin, Bitcoin Cash, Dogecoin, Ethereum and Litecoin.

“We did look at other companies for the cryptocurrency side of it,” Zavery said. Ultimately, he said, Coinbase had the greatest capability.

The Google news comes on the heels of another win as the Singapore-based arm of the US crypto exchange has received “in-principle approval” to provide crypto services in Singapore from its central bank, the Monetary Authority of Singapore (MAS).

COIN is up 8% in the pre-market (which just retraces losses from late last week)…

Bitcoin is modestly bid on the news as the potential for wider adoption continues to fly in the face of sliding crypto prices.