Google Cloud has recently unveiled a new Universal Ledger (GCUL), which is a Layer-1 blockchain platform for cross-border settlements. With this move, Google is challenging existing market players like Ripple, Stripe and Circle, which provide infrastructure for instant settlements worldwide. The tech giant announced that they have designed GCUL to be simple, flexible, and safe to use.
Google’s GCUL to Challenge Dominant Players Like Ripple, Circle, Stripe
The new Layer-1 blockchain network, Google Cloud Universal Ledger (GCUL) is designed to streamline cross-border payments and asset settlements. This development comes as the tech giant explores opportunities in the blockchain and crypto industry, while recently increasing its stake in Bitcoin miner CleanSpark.
Rich Widmann, Global Head of Strategy for web3 at Google Cloud, said that GCUL is particularly for financial institutions and features Python-based smart contracts.
He also shared a chart comparing how GCUL is better than existing players like Stripe and Circle. In his latest LinkedIn post, Widmann further added that GCUL would benefit from Google’s vast distribution and serve as a neutral infrastructure layer.
GCUL cross-border settlement | Source: Rich Widmann
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.
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Source: https://coingape.com/google-challenges-ripple-circle-stripe-with-new-l1-cross-border-payments-platform/
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