Google-parent Alphabet's cloud computing business will accept customer payments using cryptocurrencies starting in early 2023. Google stock edged down a fraction amid the news, which came Tuesday at the company's annual cloud computing conference.
The crypto payment platform involves a partnership with Coinbase.
Crypto stocks have been under pressure. But COIN stock popped 4.7% to close at 70.16 on the stock market today. GOOGL stock slipped 0.7% to 97.18.
Coinbase will also use the Google Cloud platform for processing its blockchain-based crypto services. Bitcoin's shared public ledger, called a blockchain, is replicated on networked computers around the world.
Further, Coinbase will use Google data analytics for crypto consumer services. In turn, Google will use Coinbase Prime for institutional crypto services.
GOOGL Stock: Alliance Targets Web3 Ecosystems
And on top of all that, the venture could help promote Web3, which many see as a next-generation internet.
"We want to make building in Web3 faster and easier, and this partnership with Coinbase helps developers get one step closer to that goal," Google Cloud Chief Executive Thomas Kurian said in the release. "We're proud Coinbase has chosen Google Cloud as its strategic cloud partner and we're ready to serve the thriving global Web3 customer and partner ecosystem."
The internet giant will host Google Cloud Next 2022 from Tuesday to Thursday. Many expect the event to highlight new cybersecurity products and services. Google plans to unveil new offerings in "confidential computing," considered a way to protect data on cloud platforms.
Google Stock: Playing Catch-Up In Cloud
Under Kurian, Google is playing catch-up in cloud computing, where it competes with Amazon Web Services and Microsoft. AWS is a unit of Amazon.com. AWS and Microsoft do not yet accept crypto payment for cloud computing services.
Further, Mandiant CEO Kevin Mandia is expected to take part in the Google Cloud computing event. Google recently acquired Mandiant for $5.4 billion.
Meanwhile, GOOGL stock has retreated 32% in 2022 amid the bear market. The Relative Strength Rating of Google stock is only 30 out of a best possible 99, according to IBD Stock Checkup. The best stocks tend to have an RS rating of 80 or better.
In addition to GOOGL stock, the RS rating of Coinbase stock also lags at 21. COIN stock has retreated 73% in 2022.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
