Saxo Bank founder comments on Google’s decision to accept crypto payments

Google has formed a partnership with Coinbase and will soon begin accepting cryptocurrency payments from its cloud customers.

Lars Seier Christensen, chairman of Concordium and founder of Saxo Bank, believes that this move will help Google increase the market share of its cloud business.

He says: “The recent decision by Google to accept crypto currencies as payment for its cloud services has several implications, in my view.

“Firstly, it is of course a general endorsement of the crypto space, where an increasing number of businesses accept crypto as viable tender for goods and services.

“But more importantly, it’s unquestionable that Google has done this to gain additional market share for its growing cloud business. This means that Google has recognized a real business potential in the equally growing number of crypto native businesses.

“It is a good win for the selected partner, Coinbase, but equally for Google to lure Coinbase away from its former cloud service provider, Amazon.

“The fact that such mutually beneficial partnerships are occurring is clearly also a bet that the crypto space is growing and will become more important in the future, and whenever this is recognized by such a major player, it is good for general confidence in the whole blockchain industry.

“I am sure we will see many more such partnerships going forward, increasing the applicable uses of crypto and allowing crypto-based companies to balance their in and outgoing payments better.”