Coinbase and Google Cloud(coinbase.com)
coinbase.com
Coinbase and Google Cloud
https://www.coinbase.com/blog/announcing-coinbase-google-cloud
13 comments
Coinbase is a centralized company, using centralized cloud compute, IPO'ing in $USD on the Nasdaq, boasting about crypto and decentralization. I wonder how many "true believers" are actually there and not just working for a paycheck...
It's honestly stunning things like this are still being announced.
Wow, this is really good news for Coinbase. And I mean that, because I'm utterly convinced Coinbase is going to 0. In the second quarter they had $800m revenue, and made a loss of $1Bn. The only good news is they had $5.6Bn in cash. All their financial statements are like "We all know crypto is cyclical blah blah blah" as if the macro situation today is the same as the macro situation in 2018. The company is just way too fat compared to its competitors, it moves too slow, and it'll run out of money before crypto comes back - if it ever does.
On the flip side though, Web3? Hey guys, come over here and use Coinbase and Google for your decentralized project. I don't understand who thinks "Web3" and decides "let's outsource key parts of our infrastructure to Google".
All-in-all, a very strong signal for Coinbase, once it drops around the $5-10Bn market cap it makes a very interesting acquisition target for Google.
On the flip side though, Web3? Hey guys, come over here and use Coinbase and Google for your decentralized project. I don't understand who thinks "Web3" and decides "let's outsource key parts of our infrastructure to Google".
All-in-all, a very strong signal for Coinbase, once it drops around the $5-10Bn market cap it makes a very interesting acquisition target for Google.
For the web3 ecosystem to be workable you need to wrap it within two large corporations?
This. Also this seems like a whole bunch of nothing. Coinbase isn't significant GCP revenue. Google partnering with Coinbase is just good trading news that don't really benefit Coinbase all that much.
Tldr?
* Customers can pay for Google Cloud in crypto
* Google will use Coinbase to manage (and sell?) those funds
* Google has some blockchain data in BigQuery that developers can read.
* Coinbase will use Google Cloud as a customer
I work for google, no internal info here, only my personal opinion.
As a cryptocurrency skeptic, this sounds like a win for Google Cloud with a new customer… and not much else?
* Customers can pay for Google Cloud in crypto
* Google will use Coinbase to manage (and sell?) those funds
* Google has some blockchain data in BigQuery that developers can read.
* Coinbase will use Google Cloud as a customer
I work for google, no internal info here, only my personal opinion.
As a cryptocurrency skeptic, this sounds like a win for Google Cloud with a new customer… and not much else?
I would be concerned to pay Google in this way. There are a lot of discussions including on this site about how Google's AI bot is prone to banning accounts, and then it is difficult or impossible to reach a knowledgeable and empowered human support agent to get unbanned. It seems like that bot would automatically add some level of suspicion to an account that is paying in crypto.
When I was at Coinbase we used AWS exclusively.
Finally, a killer use case.
Ie without worrying about any of that pesky decentralization!