"Bitcoin Payment Available"... Google Cloud's 'Winning Move'

[Asia Economy Reporter Kang Nahum] Google will introduce a system starting next year that allows some cryptocurrencies, including Bitcoin, to be used for paying cloud service fees. Among companies operating cloud services, Google is the first to allow cryptocurrencies as a payment method.

According to foreign media such as CNBC on the 12th, Google announced this at the Cloud Next conference held the day before and stated that it will cooperate with Coinbase to build the system.

Coinbase is the largest cryptocurrency exchange in the United States. Google plans to link its service with 'Coinbase Commerce,' a cryptocurrency payment service for businesses within Coinbase.

Amit Zavery, Vice President of Google Cloud, said, "Through integration with the Coinbase Commerce service, we will provide appropriate payment services to a small number of customers who want to pay for services with cryptocurrency," adding, "Google will allow more customers to pay with cryptocurrencies in the future."

Accordingly, starting next year, it is expected that cloud service fees can be paid with 10 types of cryptocurrencies supported by Coinbase Commerce, including Bitcoin and Ethereum, as well as Bitcoin Cash, Dogecoin, Litecoin, and others.

Google is also considering introducing Coinbase Prime, Coinbase's institutional investor-only service. Vice President Zavery stated, "We will observe how Google can participate in cryptocurrency asset management."

Google's attempt is seen as a strategy to increase its share in the cloud market. According to market research firm Statista, as of the first quarter of this year, the global cloud service market share was Amazon (33%), Microsoft (21%), and Google (8%), respectively. It has not yet entered double digits.

Google expects that by introducing a cryptocurrency payment system, it will be able to attract advanced companies in the cloud service market.

However, the ongoing contraction of the coin market for several months is considered a risk factor. Recently, liquidity has significantly decreased for both Bitcoin and altcoins, and trust in cryptocurrencies has declined following the Luna-Terra incident, causing the total cryptocurrency market capitalization to be halved compared to last year.

Currently, the price per Bitcoin, considered the 'blue chip,' has not shown significant price changes despite the positive news of Google Cloud payment support, trading at $19,023, down 0.82% compared to 24 hours ago.