Google Cloud Plans Launch of Layer-1 Blockchain Universal Ledger for Finance
Google Cloud plans to launch a new layer-1 blockchain called the Google Cloud Universal Ledger (GCUL), aimed at providing neutral infrastructure for global finance. Key points include:
- GCUL designed for institutions with support for Python-based smart contracts.
- Rich Widmann, Google's head of Web3 strategy, emphasized its accessibility compared to other blockchains like Circle's Arc and Stripe's Tempo.
- Circle’s Arc focuses on stablecoin integration, while Stripe’s Tempo extends its payment services into a controlled chain.
- GCUL is presented as a shared infrastructure that is not tied to any single payments ecosystem.
- Initial integration with CME Group completed; broader testing expected later this year, full services by 2026.
- GCUL aims to support billions of users and hundreds of institutions, differentiating itself through programmability and institutional-grade tokenization.
Google positions GCUL as a neutral option for various financial institutions, contrasting it with competitors which may deter collaboration among different entities. Further technical details are anticipated in upcoming months.