Google Cloud Launches Private Testnet for Universal Ledger Blockchain
Google Cloud has launched its Layer-1 blockchain, Google Cloud Universal Ledger (GCUL), aimed at simplifying digital payments for financial institutions and enterprises. Currently in private testnet, public access is expected soon.
Key Features of GCUL
- Developed with Python for smart contracts, enhancing accessibility for enterprise engineers.
- First pilot project involves the Chicago Mercantile Exchange (CME Group).
- Focus during the pilot includes tokenization and wholesale payments.
- Described as a neutral infrastructure layer, allowing any financial institution to build on it.
Google's initiative reflects a growing trend among Traditional Finance (TradFi) institutions towards blockchain adoption. Recent institutional movements include:
- Upexi Inc. secured a $500 million equity line to expand its Solana treasury strategy.
- BitMine Immersion Technologies holds $6.612 billion in Ethereum, solidifying its position as the largest Ethereum treasury.
- The State of Michigan Retirement System tripled its holdings in the ARK 21Shares Bitcoin ETF to 300,000 shares, indicating increased demand for Bitcoin.