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Google’s Partnership With Coinbase Is ‘Validation’ for the Crypto Industry: Oppenheimer
Owen Lau, senior analyst at investment bank Oppenheimer, joined “All About Bitcoin” to discuss what Google’s partnership with crypto exchange Coinbase could mean for other crypto-native companies.
Updated May 9, 2023, 3:59 a.m. Published Oct 12, 2022, 7:46 p.m.
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With its recent deal with Google, crypto exchange Coinbase could be setting a precedent for other crypto-based companies looking to work with traditional firms, according to Owen Lau, senior analyst at investment firm Oppenheimer.
He told CoinDesk TV Coinbase's partnership with the tech behemoth is also a sign of “validation” for the digital assets industry.
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“Many crypto-native companies will go after these white-labeling paths, which is to provide the back-end crypto technology surfaces to traditional players so that they can expand their TAM,” or total addressable market, Lau said during an appearance on CoinDesk TV’s “All About Bitcoin” on Tuesday.
Earlier this week, Google said it would be tapping Coinbase, the second-largest crypto exchange by volume in the world, to accept crypto payments via Coinbase’s custody service, Coinbase Prime. Google is turning to Web3 in a bid to build out speed and interoperability for users.
Read more: Google Partners With Coinbase to Accept Crypto Payments for Cloud Services
The partnership, which will begin next year, will give users the option to pay for Google’s cloud services via the use of select cryptocurrencies, such as bitcoin , ether (ETH) and even .
Meanwhile, Coinbase’s Cloud Nodes will migrate its applications, which primarily operate on Amazon’s Web Services, over to Google Cloud.
Oppenheimer has a “buy” and an “outperform” rating on Coinbase’s stock, with a price target of $107.
“Coinbase is more [of] a digital assets enabler rather than a pure-play crypto exchange,” Lau said, referring to the exchange’s audit capabilities, including its commerce, custody and international business footprint. The company recently received a license to begin operating in Singapore.
Read more: Coinbase Gets Singapore Digital Payment Token License
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The bank of the future: 77% of stablecoin users say they’d open a wallet with their bank today
YouGov survey published by Coinbase and BVNK also found that 71% of users would use a stablecoin-linked debit card as a means of spending them.
What to know:
- Some 77% of the survey's 4,658 respondents said they would open a cryptocurrency or stablecoin wallet within their banking or fintech app if one were available.
- A survey commissioned by crypto exchange Coinbase and stablecoin infrastructure provider BVNK also found that 71% of users would use a stablecoin-linked debit card to spend the fiat-linked tokens.
- Stablecoin users on average hold 35% of their annual earnings in such tokens, and 73% of freelancers and contractors reported an improvement in their ability to work with international clients thanks to stablecoins.
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