Google Cloud has unveiled its Layer 1 blockchain, GCUL, aimed at simplifying cross-border payments and asset settlements through a distributed ledger. The blockchain is currently in a private testnet phase and has announced a partnership with CME earlier this year to pilot tokenized assets. The announcement comes as Google Cloud looks to expand its presence in the Web3 space. Rich Widmann, head of Web3 strategy at Google Cloud, claimed that GCUL is a Layer 1 blockchain, but the community has raised questions about its true nature. They argue that it is not decentralized or permissionless, but rather more like a consortium chain. The launch of GCUL could have significant implications for the cross-border payments industry, as it aims to provide a more efficient and secure way to settle transactions. However, the blockchain's true potential will likely depend on its ability to gain widespread adoption and trust from the community. In addition to the partnership with CME, Google Cloud has also announced that it will be working with other financial institutions to pilot the blockchain. This could help to drive adoption and prove the technology's value in the real world. Overall, the launch of GCUL represents a significant step forward for Google Cloud in the Web3 space. However, the blockchain's true potential will depend on its ability to gain trust and adoption from the community.
