Google Cloud confirmed it’s constructing its personal Layer 1 blockchain, referred to as Google Cloud Common Ledger (GCUL), marking the corporate’s most direct transfer but into on-chain monetary providers
Google Cloud confirmed it’s constructing its personal Layer 1 blockchain, referred to as Google Cloud Common Ledger (GCUL), marking the corporate’s most direct transfer but into on-chain monetary providers. Wealthy Widmann, the agency’s head of Web3 technique, described GCUL throughout an August 27 briefing, outlining a community designed to deal with cross-border funds and asset settlement for banks and different giant establishments.
GCUL will use Python-based sensible contracts and is presently operating in a personal testnet. Google Cloud stated the ledger will draw on the corporate’s world infrastructure to serve billions of potential end-users and lots of of institutional companions as soon as the platform is opened extra extensively. Earlier this 12 months, the corporate started a pilot with CME Group to discover tokenised merchandise on the brand new chain.
The initiative places Google Cloud alongside different funds heavyweights pursuing proprietary blockchains aimed on the monetary sector. Circle final quarter introduced Arc, its personal Layer 1 that treats the USDC stablecoin as native gasoline, whereas Stripe is growing the settlement-focused Tempo community. Widmann harassed GCUL’s neutrality, saying any stablecoin issuer or funds agency might construct on the ledger.
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