Google Cloud is launching L1 Network GCUL, which is currently in the private testnet phase.

On August 27th, Rich Widmann, Google's Web3 Strategy Lead, wrote that the recent discussions about Layer 1 blockchains have brought Google's own Layer 1 - known as the Google Cloud Universal Ledger (GCUL) - into the spotlight. As a product lead in the crypto space, you are aware that to build a Layer 1, it must have differentiation. GCUL combines Google's years of research and development and is currently in the private testnet stage, providing a new Layer 1 for financial institutions: it is high-performance, trust-neutral, and supports Python-based smart contracts. In addition to utilizing Google's distribution capabilities, GCUL is also a neutral infrastructure layer. Tether will not use Circle's blockchain, and Adyen is also unlikely to use Stripe's blockchain. However, any financial institution can build on GCUL. Stay tuned for more technical details in the coming months!