Cloud technology has revolutionised the concept of data processing. It has provided a cost-effective way for companies to process and store data in a readily-accessible source. Big tech players like Google and Amazon are already profiting from the increased adoption of cloud services by creating their respective cloud service arms. However, besides the potential of cloud computing, the crypto ecosystem has also started gaining ground in cloud services.
This article will discuss the integration of crypto payments in cloud services and what to expect from this new trend.
Crypto Payment in Cloud Services
While cloud services are undoubtedly beneficial, their adoption has been limited by cost and infrastructure issues. Due to these issues, developers often find it difficult to scale their Web3 solutions. To solve this issue, companies have been exploring the possibility of integrating crypto payments in cloud services. Google is one of such companies.
Earlier this month, Google Cloud announced that it would enable crypto payments for its cloud services. The company also stated that it would execute this integration through Coinbase Commerce, a digital payment service owned by Coinbase. The integration will take effect in 2023, although only a few cloud customers will receive the option at the initial stage.
The integration is likely to support the cryptocurrencies currently provided by Coinbase Commerce. This includes Bitcoin, Ethereum, Bitcoin Cash, LiteCoin, and DogeCoin. Coinbase is also expected to transfer some of its data to Google Cloud for processing. This marks a move from Coinbase’s primary cloud provider, Amazon Web Services (AWS). In turn, Google will equally utilise Coinbase Prime for its crypto custodial services.
Also read : Crypto and Mobile Payments in Saudi Arabia
What to Expect
According to Google, its cloud services will be provided to Web 3 participants in exchange for specific cryptocurrencies. The primary rationale behind this integration is to cater to Google’s crypto exchange customers. Moreso, Google expects that the crypto payment integration will expand Web 3 development by making the process easier for developers.
However, apart from the value offerings in store for users with the Google-Coinbase partnership, other cloud players are equally expected to integrate crypto with this development. AWS and Microsoft, which currently control a significant market share of the cloud services market, will likely integrate crypto payments in the coming years.
Moreso, there are chances that this integration will expand the scope of crypto adoption. The cloud computing market is currently worth about $405 billion. As more cloud service providers integrate crypto payments, crypto deployments will become more mainstream.
Most importantly, developers are set to benefit immensely from the integration. Ordinarily, cloud services require significant infrastructure and can be highly expensive. Crypto payment integration will likely make cloud services more cost-effective. This will create a much-needed bridge between Web 3 development and cloud services.
Also read : Is Crypto a Sustainable Payment Solution 2024?
Final Thoughts
The cloud computing market will undoubtedly get bigger in the coming years. The crypto infrastructure is equally here to stay. Integrating both technologies will hold enormous benefits for developers, cloud service providers, and the entire crypto ecosystem.
