Google has said it will start letting some customers pay for cloud services using cryptocurrencies in early 2023 thanks to a partnership with crypto exchange Coinbase, which will facilitate the payments through Coinbase Commerce.

Solana-based decentralized finance (DeFi) protocol Mango has suffered a $100 million exploit that saw an attacker “manipulate their Mango collateral.”

BNY Mellon, America’s oldest bank, has announced that its Digital Asset Custody platform is now live in the United States, with select clients now being able to hold and transfer BTC and ETH with it.

Top stories in the Crypto Roundup today:

• Google to Accept Crypto Payments for Cloud Services via Coinbase
• Solana-Based DeFi Platform Mango Suffers $100 Million Exploit
• America’s Oldest Bank Launches Crypto Custody Service
• Monthly Growth Rate of Crypto Futures Volumes

Google to Accept Crypto Payments for Cloud Services via Coinbase

Google has said it will start letting some customers pay for cloud services using cryptocurrencies in early 2023 thanks to a partnership with crypto exchange Coinbase, which will facilitate the payments through Coinbase Commerce.

Coinbase is set to earn a portion of the cryptocurrency payments made for Google’s cloud services. Initially, the Google Cloud Platform infrastructure will accept cryptocurrency payments from customers in the Web3 space who want to pay in crypto, according to the vice president and head of platform at Google Cloud, Amit Zavery.

Coinbase Commerce accepts several cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), USDCoin (USDC), Tether (USDT), ApeCoin (APE), Dogecoin (DOGE), and Shiba Inu (SHIB).

The deal was announced at Google's Cloud Next conference and may lure blockchain-native companies to Google in the fast-growing cloud computing market, in which Google competes with other tech giants, including Microsoft and Amazon, which do not accept cryptocurrency payments.

Google is also reportedly exploring how it can use Coinbase Prime, a service that securely stores organizations’ digital assets and allows them to execute trades. Zavery noted Google would “see how we can participate” in managing cryptocurrencies.

Solana-Based DeFi Platform Mango Suffers $100 Million Exploit

Solana-based decentralized finance (DeFi) protocol Mango has suffered a $100 million exploit that saw an attacker “manipulate their Mango collateral.”

According to the team behind Mango, it suffered an incident where “a hacker was able to drain funds from Mango via an oracle price manipulation.” The DeFi platform disabled deposits as a precaution.

The team added that two accounts funded with USDC “took an outsized position” in perpetual futures contracts for MNGO. As a result, the underlying MNGO/USD prices on various exchanges, including FTX and Ascendex, “experienced a 5-10x price increase in a matter of minutes.”

After manipulating their collateral, the attacker “maxed out the borrows available from the $190 million equivalent deposits on the platform,” to extract around $100 million in net value from the platform.

The hacker then proposed to send back stolen mSOL, SOL, and MNGO if Mango Markets promised to pay back bad debt using USDC from its treasury. The bad debt stems from a bailout that Mango Markets and Solend put together for a Solana whale that had $207 million in debt spread across multiple platforms.

Part of the hacker’s proposal involves a promise from Mango that it will not pursue a criminal investigation or freeze his funds.

America’s Oldest Bank Launches Crypto Custody Service

BNY Mellon, America’s oldest bank, has announced that its Digital Asset Custody platform is now live in the United States, with select clients now being able to hold and transfer BTC and ETH with it.

BNY Mellon was founded in 1784 and has more than $2.4 trillion in assets under management. The bank formed its enterprise Digital Assets Unit last year to develop “solutions for digital asset technology, with plans to launch the industry’s first multi-asset platform that bridges digital and traditional asset custody.” Robin Vince, BNY Mellon’s CEO, was quoted saying:

"Touching more than 20% of the world's investable assets, BNY Mellon has the scale to reimagine financial markets through blockchain technology and digital assets.”

The bank pointed out that a recent survey it sponsored found “already significant institutional demand for a resilient, scalable financial infrastructure built to accommodate both traditional and digital assets.”

Monthly Growth Rate of Crypto Futures Volumes

Last month, trading activity among BTC, ETH, and ADA markets was relatively stronger, with each having its own narrative. BTC was used to hedge against fiat currency declines, Ethereum had the Marge, and Cardano had its Vasil hard fork.

Solana futures volumes across eight major exchanges declined 26.6%, the third month of consecutive declining activity in derivative markets.

You can read more on CryptoCompare’s latest monthly Asset Report.

State of the Crypto by Top Tier Exchange Volume

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