According to Owen Lau, senior analyst at investment firm Oppenheimer, crypto exchange Coinbase, with its recent deal with Google, could set a precedent for other crypto-based companies looking to work with traditional firms.
“Google and Coinbase Partnership Might Be a Sign of Confirmation by Traditional Companies of the Cryptocurrency World”
He said that Coinbase’s partnership with the tech giant is a “sign of approval” for the digital assets industry.
Lau continued his statements as follows:
“Many cryptocurrency The origin company will resort to such private labeling avenues to expand their TAM, that is, their total addressable market, by providing back-end crypto technology spaces to traditional companies.”
Earlier this week, Google said it will leverage Coinbase, the world’s second-largest crypto exchange by volume, to accept crypto payments through Coinbase’s custody service, Coinbase Prime.
Google is turning to Web3 to build speed and interoperability for users.
The partnership, which will begin next year, will give users access to Google’s cloud services. Bitcoin (BTC), Ethereum (ETH) and even Dogecoin (DOGE) It will offer the option to pay using certain cryptocurrencies such as
Meanwhile, Coinbase’s Cloud Nodes will migrate applications running primarily on Amazon’s Web Services to Google Cloud.
“Coinbase is more of a digital asset provider than a pure crypto exchange,” Lau said, referring to the exchange’s supervisory capabilities, including its trading, custody and international business scope. The company has recently received a license to start operations in Singapore.
*Not investment advice.
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