Google Cloud’s L1 Blockchain GCUL Advances to Private Testnet Phase

Google Cloud has confirmed its Layer 1 blockchain project, Google Cloud Universal Ledger (GCUL), is now in private testnet phase. Rich Widmann, Web3 strategy lead at Google, emphasized GCUL's neutrality and Python-based smart contract capabilities, positioning it as a solution for multiple financial institutions.

The project, born from years of distributed ledger research, distinguishes itself from competitors like Stripe and Circle by offering universal accessibility. Widmann noted GCUL's potential to serve entities excluded from rival platforms, such as Tether on Circle's blockchain.

CME Group's March partnership with Google has progressed to phase-one completion, with plans for 24/7 low-cost settlement solutions. Market participant testing looms as the next milestone for this institutional-focused blockchain infrastructure.