Google Cloud has confirmed the development of its own blockchain network for the financial sector, named Google Cloud Universal Ledger (GCUL), which is currently operating in a private testnet phase.
A Neutral Blockchain for Financial Institutions
According to Rich Widmann, Google Cloud’s Head of Web3 Strategy, GCUL aims to serve as a “performant, credibly neutral” platform designed for financial institutions. The network will support Python-based smart contracts, enabling flexible automation of payments and digital asset management.
Widmann emphasized neutrality as a key factor in adoption, stating:
“Tether won’t use Circle’s blockchain — and Adyen probably won’t use Stripe’s blockchain. But any financial institution can build with GCUL.”
Features and Compliance Focus
Google Cloud officially described GCUL as a Layer 1 network, accessible through a single API, offering programmability for payment automation and digital asset management. However, the company confirmed it will operate as a private, permissioned system, prioritizing regulatory compliance for institutional adoption.
While Google calls GCUL a Layer 1 network, its private and permissioned structure has sparked debate within the crypto community, with critics arguing it does not align with the principles of decentralization.
Collaboration with CME Group
Google Cloud first revealed the GCUL initiative in March 2025, in collaboration with the CME Group, where the platform was piloted for wholesale payments and asset tokenization.
Widmann noted that more details about GCUL will be announced soon, as the project moves closer to public availability. This development marks Google Cloud’s deeper push into Web3 infrastructure, positioning it as a major player in enterprise blockchain solutions.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.