Google Cloud is building a Python-based layer 1 blockchain platform aimed squarely at financial institutions. The project, named Google Cloud Universal Ledger (GCUL), was confirmed by Rich Widmann, Google Cloud’s Global Head of Strategy for web3, who described the platform in a LinkedIn update and positioned it alongside other institutional layer 1 efforts.
Widmann positioned GCUL “alongside other institutional layer 1 efforts” to offer a neutral base layer for market participants.
GCUL uses Python for smart-contract development and is being designed as neutral infrastructure that any financial institution can adopt. The emphasis on Python targets developer familiarity and institutional integration.
The ledger was first announced in March in a joint initiative with CME Group to pilot tokenization and wholesale payment use cases. CME Group has completed the first phase of integration and testing, characterizing the work as a move toward low-cost, around-the-clock settlement for collateral, margin and fees.
Direct testing with market participants is planned for later this year, while Google Cloud and partners aim to roll out new services by 2026. Google says more technical specifications for GCUL will be released over the coming months as pilots advance.
Widmann’s recent post compared GCUL to emerging layer 1 solutions from other payments and crypto firms, referencing a comparative chart originally shared by a product lead at Paxos. The message underscores Google’s intent to offer a neutral alternative to vendor-specific chains so that a broad set of market players can build on the same base layer.
- Circle — Arc: Arc layer 1, with a public testnet expected this fall; features targeted at stablecoin payments, FX and capital markets.
- Stripe — Tempo: Developing Tempo with a focus on high performance.
Competition in the institutional L1 space is heating up as multiple firms target payments, capital markets and settlement use cases. Google Cloud positions GCUL as a Python-first, institution-focused ledger intended to enable broad interoperability and adoption across financial market participants.
