The post Google Launches Cross-Border Payments Platform GCUL appeared first on Coinpedia Fintech News
Google Cloud is entering financial technology with its new blockchain platform, Google Cloud Universal Ledger (GCUL). The platform aims to make global payments faster, cheaper, and more transparent, while challenging the dominance of the existing players in this market, like Circle, Stripe & and Ripple.
Currently in private testing, GCUL is targeting a multi-trillion-dollar global payments market.
What’s All about GCUL?
According to Google Cloud’s head of Web3 strategy, Rich Widmann, GCUL is a Layer 1 blockchain built for financial institutions. It supports Python-based smart contracts and is designed to help banks, payment companies, and intermediaries who want to modernize their services without the headaches of traditional systems.
Some in the crypto community have raised concerns, arguing that GCUL is more like a consortium chain than a decentralized network. T
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