Key Takeaways
- Google Cloud technique head calls its new common ledger a layer 1 blockchain.
- The platform has already attracted main institutional curiosity, with CME Group, one of many world’s largest commodities exchanges, deciding on GCUL to discover tokenization and cost options.
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Google Cloud is creating a layer 1 blockchain platform referred to as Google Cloud Common Ledger (GCUL), designed for monetary establishments and that includes Python-based sensible contracts, Wealthy Widmann, International Head of Technique for web3 at Google Cloud, shared in a LinkedIn put up.
Google Cloud Common Ledger was first unveiled in March by a joint announcement with CME Group outlining plans to pilot tokenization and wholesale funds on the brand new distributed ledger.
The businesses didn’t explicitly name GCUL a layer 1 blockchain upon asserting the initiative.
CME Group mentioned it had accomplished the primary section of integration and testing, calling the know-how a step towards low-cost, 24/7 settlement for collateral, margin, and costs. Direct testing with market contributors is scheduled to start later this yr, with new companies focused for 2026.
In his newest put up, Widmann positioned GCUL alongside layer 1 options developed by Circle and Stripe in a comparative chart initially shared by Chuk Okpalugo, Head of Product at Paxos. He mentioned that Google-developed layer 1 goals to distinguish itself as a impartial infrastructure.
“Tether gained’t use Circle’s blockchain – and Adyen in all probability gained’t use Stripe’s blockchain. However any monetary establishment can construct with GCUL,” he said, including that extra specs on the system are slated for launch within the coming months.
Following its profitable IPO, Circle introduced the upcoming launch of its layer 1 blockchain, Arc, set to deploy on the general public testnet this fall with options tailor-made for stablecoin funds, FX, and capital markets.
Stripe can also be creating a brand new layer 1 blockchain referred to as Tempo, specializing in high-performance cost options, which is suitable with Ethereum’s coding language.
The challenge, nonetheless in stealth mode, includes a partnership with Paradigm and is a part of Stripe’s ongoing growth within the crypto realm.
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