Google Cloud is developing its own blockchain for payments, currently in private testnet
Quick Take Google Cloud is developing its own blockchain for payments and financial products, currently in private testnet. The firm’s Web3 Head of Strategy said that its upcoming blockchain will be a “credibly neutral” platform for financial institutions.
Google Cloud is building its own blockchain network, named Google Cloud Universal Ledger (GCUL), for the financial sector, according to Rich Widmann, Google Cloud's Web3 Head of Strategy, who announced this on Tuesday.
Widmann wrote in a LinkedIn post that GCUL aims to provide financial institutions with a "performant, credibly neutral" blockchain platform that enables Python-based smart contracts.
"Besides bringing to bear Google's distribution, GCUL is a neutral infrastructure layer," Widmann said in the post. "Tether won't use Circle's blockchain - and Adyen probably won't use Stripe's blockchain. But any financial institution can build with GCUL."
GCUL is currently in a private testnet, and further details will be revealed at a later date, according to Widmann's post.
Google Cloud officially described GCUL as a new service for the financial market, accessible through a single API and programmable to enable payment automation and digital asset management. The company also stated that GCUL was designed with a focus on compliance and will operate as a private, permissioned system.
While Widmann described GCUL as a Layer 1 network, the permissioned and private nature of Google Cloud's upcoming blockchain has resulted in community skepticism, with some arguing that it should not be mistakenly described as a decentralized blockchain.
Google Cloud had previously announced the GCUL initiative in March, in collaboration with the CME Group, where CME was piloting solutions on the platform for use in wholesale payments and asset tokenization.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
What Wall Street Has Been Busy With Recently in RWA: Money Market Funds, Intraday Repo, Commercial Paper
JPMorgan points out that Wall Street giants are tokenizing real-world assets (RWA) at an unprecedented pace and integrating them into their core financial businesses.
Altcoin Market at Critical Cycle Bottom: Strategic Entry Points for Oversold Assets in 2025
- Altcoin market signals cyclical bottom via extreme oversold OTHERS/ETH ratio, last seen before 1,250% surges in 2017/2021. - Institutional capital shifts to Ethereum-based ecosystems, with $2.22B BTC-to-ETH swaps and 57.3% ETH dominance driving altcoin momentum. - Dovish Fed policy and Ethereum's $223B DeFi TVL create favorable conditions for dollar-cost averaging into undervalued altcoins with strong fundamentals. - Strategic 5-10% altcoin allocations using Altseason Indicator and technical analysis pos
Decentralizing the Odds: How TON and USDC-Powered Platforms Are Reshaping Crypto Football Betting and Yield Generation
- Dexsport leverages TON's speed and USDC stability to create a decentralized, real-time crypto football betting platform with instant settlement. - Users earn yields through liquidity pools (4-6% APY) and DESU staking (up to 17% APY), blending betting with DeFi income streams. - The platform's 300% YoY user growth and $500M+ TVL highlight its disruptive potential in the $1.5T global sports betting market. - Risks include regulatory uncertainty and smart contract vulnerabilities, though Dexsport undergoes
Is VeChain (VET) a Buy for 2025–2031? A Deep Dive into Blockchain’s Supply Chain Revolution
- VeChain (VET) targets long-term growth through supply chain solutions, institutional adoption, and a projected 32.7% CAGR in its market through 2032. - Technical indicators show a $0.0248 breakout with bullish momentum, supported by Franklin Templeton and BitGo partnerships, though short-term volatility persists. - Real-world applications with Walmart, BMW, and healthcare initiatives highlight VET’s utility in traceability, anti-counterfeiting, and ESG compliance. - Market share growth, $192.93B 2030 ind
Trending news
MoreCrypto prices
More
