Google Cloud is developing a layer-1 blockchain known as the Google Cloud Universal Ledger (GCUL), which aims to provide a neutral infrastructure for financial institutions. Announced by Rich Widmann, Google Cloud's head of Web3 strategy, GCUL is intended to facilitate broader adoption by being credibly neutral and compatible with Python-based smart contracts. The initiative arises as other firms like Stripe and Circle also invest in their blockchains, with Google aiming for a planet-scale solution supporting billions of users. Currently, Google Cloud collaborates with the Chicago Mercantile Exchange (CME) to pilot tokenization and payment systems within the Universal Ledger, expected to enhance efficiencies in collateral and settlement processes. Google Cloud has expanded its blockchain initiatives since 2018, with a significant acceleration noted in partnerships and data capabilities. More technical information on GCUL is anticipated in the coming months, reflecting the competitive landscape among tech and fintech firms in developing blockchain solutions.

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