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2h ago

Google Cloud Details Private Layer-1 Universal Ledger for Financial Institutions

CME completed initial integration with broader market trials slated for later this year.

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Google Cloud is developing a Python-based layer 1 blockchain for institutions
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Overview

  • Google identified the Google Cloud Universal Ledger as a layer 1 platform with Python-based smart contracts in a company blog post and a LinkedIn update from its web3 strategy lead.
  • The system is private and permissioned, which Google describes as "credibly neutral" infrastructure intended for banks and payment providers.
  • Fees are positioned as stable and invoiced monthly rather than upfront gas charges, targeting near-instant cross-border payments, 24/7 availability, and automated workflows.
  • GCUL remains in private testing, with direct testing by market participants planned later in 2025 and new services targeted for 2026.
  • CME Group selected GCUL to explore tokenization and wholesale payments, completed a first integration phase, and participated in a tokenized assets pilot, while crypto community figures criticized the platform’s centralization.