Google Cloud is building its own blockchain network, named Google Cloud Universal Ledger (GCUL), for the financial sector, according to Rich Widmann, Google Cloud’s Web3 Head of Strategy, who announced this on Tuesday. Widmann wrote in a LinkedIn post that GCUL aims to provide financial institutions with a “performant, credibly neutral” blockchain platform that enables Python-based smart contracts. “Besides bringing to bear Google’s distribution, GCUL is a neutral infrastructure layer,” Widmann said in the post. “Tether won’t use Circle’s blockchain – and Adyen probably won’t use Stripe’s blockchain. But any financial institution can build with GCUL.” GCUL is currently in a private testnet, and further details will be revealed at a later date, according to Widmann’s post.

Full report : Google Cloud says its Universal Ledger, a layer-1 blockchain for financial products, is in a private testnet, and plans to reveal more details at a later date.