COIN Stock Alert: What to Know as Google Taps Coinbase to Bring Crypto to the Cloud

  • Coinbase (COIN) stock is on the move following news of a deal with Google.
  • This will have Google using Coinbase Commerce services for select cloud customers.
  • Coinbase will also switch some of its applications over to Google Cloud.
Flags of Coinbase and NYSE flying in the wind representing COIN Stock.

Source: rarrarorro / Shutterstock.com

Coinbase (NASDAQ:COIN) stock is a hot topic among traders today after Alphabet’s (NASDAQ:GOOG, NASDAQ:GOOGL) Google announced that it was teaming up with the crypto exchange.

The big news here is that Google is adding support for customers to pay for their cloud services with crypto. In these cases, Coinbase will handle the exchanges. However, Google says this feature will only be available to select customers starting next year.

The system will make use of Coinbase Commerce, which currently supports 10 cryptocurrencies. If all goes well with this initial launch, Google intends to allow more customers to pay for cloud services with crypto. The company is also considering ways to use Coinbase Prime with its services.

Coinbase Will Switch Some Services to Google

As part of this agreement, Coinbase will be switching away from Amazon’s (NASDAQ:AMZN) Amazon Web Services for applications. Instead, it will now make use of Google Cloud for certain data-based apps.

While COIN stock initially shot higher in Tuesday morning trading, shares are currently down 1.4% from yesterday’s close. In addition to that, the deal isn’t inspiring strong trading volume, with only 5 million shares on the move. For comparison, the daily average trading volume for COIN is closer to 13 million shares.

Investors seeking out more of the latest market news will want to keep reading!

We’ve got all of the hottest stock market news traders need to know about for Tuesday! Among that is what has shares of Taiwan Semiconductor (NYSE:TSM), AMC Entertainment (NYSE:AMC) and Joby Aviation (NYSE:JOBY) stock on the move today. You can catch up on all of that at the following links!

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2022/10/coin-stock-alert-what-to-know-as-google-taps-coinbase-to-bring-crypto-to-the-cloud/.

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