Web3 is the next generation of the internet that will allow people to own digital property within an open, decentralized environment.

“Over the next few years, we believe every company and developer will be building on Web3 — to the point where Web3 will become synonymous with the internet itself,” says Coinbase (NASDAQ: COIN) in a blog post announcing its Web3 partnership with Google Cloud.

The cloud and digital asset giants have come together to address the potential of Web3.

Coinbase: Google Cloud to accept cryptos

Google Cloud will soon accept payment for its cloud services in select cryptocurrencies from select customers in the Web3 ecosystem through Coinbase Commerce, a platform that helps merchants anywhere in the world accept cryptocurrency payments. The platform already supports companies such as Alo Yoga to Anheuser Busch and WeWork.

Web-3 infrastructure

Web3 developers will have access to Google Cloud’s blockchain data through BigQuery- and this offering will be powered by Coinbase Cloud’s Node service. The integration will allow developers to instantly and reliably operate Web3-based systems without the need for expensive and complex infrastructure.

Institutional crypto services

Google will use Coinbase Prime for institutional crypto services, like secure custody and reporting. Coinbase Prime already offers secure custody and an advanced trading platform to over 14,500 institutional investors and corporates including some of the largest traditional financial firms.

Coinbase selects Google Cloud as cloud provider

Coinbase will leverage Google’s premium fiber-optic network and its powerful compute platform for processing blockchain data and its crypto services. Google’s advanced exchange and data services will also support Coinbase’s global data platform.

Related Story: Institutional Crypto Clients To Connect Via BlackRock’s Aladdin Platform To Coinbase Prime