Coinbase stock soars after firm inks deal with Google

Coinbase (NASDAQ: COIN) jumped nearly 4% in pre-market trading on Tuesday to hit prices of $69.88. COIN was trading around $68.07 at the time of writing, about 4.23%.

Accordingly, the Coinbase shares had gained by more than $2.85 on the day as stock markets neared opening, with the gains coming on the back of crypto news relating to the crypto exchange and global tech giant Google.

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COIN stock rallies pre-market after Google deal

On Tuesday, the two firms announced that they had struck a partnership that would see Google allow a selection of its customers to pay for its cloud services with cryptocurrency. The crypto payment support will start in 2023, the companies said in a press release.

With this collaboration, Coinbase will adopt Google Cloud as its strategic cloud service provider as well as leverage the tech giant’s data and analytics technologies to help drive crypto and Web3 adoption.

Commenting on the partnership, Coinbase co-founder and CEO Brian Armstrong said:

“We are excited Google Cloud has selected Coinbase to help bring Web3 to a new set of users and provide powerful solutions to developers. With more than 100 million verified users and 14,500 institutional clients, Coinbase has spent more than a decade building industry-leading products on top of blockchain technology. We could not ask for a better partner to help execute our vision of building a trusted bridge into the Web3 ecosystem.”

Coinbase Commerce, which supports multiple cryptocurrencies, will power the payment option, broadening the payment methods available to Google Cloud customers. When it goes live, the system will see the clients access digital assets like Bitcoin, Ethereum, Dogecoin and Shiba Inu to pay for services.

The crypto exchange’s ecommerce platform also supports major stablecoins including USDC and USDT.

Coinbase’s stock remains more than 73% down year-to-date, with the crypto stock trading largely in tandem with the crypto market. Google shares are down more than 32% YTD.