Google Cloud has launched its own Layer 1 blockchain, the Google Cloud Universal Ledger (GCUL), to revolutionize cross-border payments. This move positions the company as a major player in the burgeoning world of decentralized finance (DeFi). The platform is specifically designed for institutions looking to build and deploy secure solutions that comply with regulatory requirements. Rich Widmann, Google’s Global Head of Strategy for Web3, explains GCUL’s neutral approach will empower financial institutions to choose from various payment options, potentially bypassing the limitations of existing blockchain networks. The CME Group is collaborating with Google Cloud for asset testing, demonstrating the platform’s potential to influence global payments.