Google Cloud Unveils Python-Based Blockchain GCUL for Financial Institutions

Google Cloud is launching a new Layer 1 blockchain, Google Cloud Universal Ledger (GCUL), targeting large financial institutions rather than retail users. The platform distinguishes itself with Python-based smart contracts, aiming to simplify development for financial applications.

CME Group, a major commodities exchange, has completed initial testing and reports GCUL could enable round-the-clock, low-cost settlements for collateral, margin, and fees. Wider market testing is planned for later this year, with potential service launches by 2026.

Rich Widmann, Google Cloud's Web3 strategy lead, emphasized GCUL's neutrality as infrastructure, positioning it as a viable option for competing financial entities. The announcement comes as rivals like Circle and Stripe develop their own blockchain solutions for payments and capital markets.