By Sabela Ojea

Google parent Alphabet Inc. and Coinbase Global Inc. have formed a partnership aimed at the growing the Web3 ecosystem.

Through this partnership, Coinbase will select Alphabet's Google Cloud as the provider in charge of building advanced exchange and data services, the companies said.

Coinbase, which operates a large cryptocurrency exchange that handles bitcoin and other digital coins, will use Google Cloud's compute platform to process blockchain data at scale, the companies said.

"Google's partnership with Coinbase will make it easier for customers to take advantage of Google Cloud's scalability, reliability, security, and data services, so Web3 founders and developers can focus on innovation," the companies said.

Google, on the other hand, will use Coinbase's prime service for institutional crypto services, including secure custody and reporting, the companies said.

Web3 refers to the idea of a decentralized internet that uses cryptocurrencies, blockchain and other technologies.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

October 11, 2022 09:07 ET (13:07 GMT)

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