Some customers will be able to pay for cloud services with cryptocurrencies early in the future, thanks to the help of Coinbase, according to a statement from the company.
In a fast-growing market where top competitors do not allow clients to pay with digital currencies, the deal may succeed in persuading cutting-edge companies to join the company. The cloud business is growing at a faster rate than the rest of the company, and it now accounts for 9% of revenue, up from less than six years ago.
The vice president of business development at Coinbase said that the company will move its data-related applications to the cloud from the market-leading Amazon Web Services cloud.
A few customers in the Web3 world who want to pay with cryptocurrencies will be able to do so thanks to an integration with the Coinbase Commerce service. Web3 is a term used to describe a type of internet service that can't be controlled by a big internet outfit.
Many more customers will be able to make payments with cryptocurrencies, according to Zavery. The 10 currencies supported by Coinbase Commerce include: In the past year, the prices of all three of thecryptocurrencies have fallen.
The terms of the deal were not made public. A percentage of transactions that go through it will be earned by the company.
The payments portion of the deal was not a sure thing. Businesses can usePayPal to take payments with digital currency. Zavery said that they looked at other companies. He said that Coinbase had the best capabilities.
A service that securely stores organizations' cryptocurrencies and allows them to execute trades is being explored by Google. Zavery said that the search engine giant will experiment with managing cryptocurrencies. Digital currencies have been added to the balance sheets of several companies. It can be a risk. In August, the value of the company's holdings of cryptocurrencies fell.
In May, the company indicated that it was looking into the possibility of adding support for payments in digital currency. The conversations about supporting commerce transactions, cloud usage and the Prime service all happened at the same time. He said that they decided to unite them.
NFTs, or non-fungible token, have become a focus for the cloud division. Major industries such as media and retail have been pushed for growth by ThomasKurian. The formation of teams to drum up business and build tools that third-party developers can use was announced this year.
New details about pivot to subscriptions have been revealed.
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