Google Advances Blockchain Payments Infrastructure in Partnership with Coinbase, Launches Universal Ledger Platform

Google Cloud has unveiled the Google Cloud Universal Ledger (GCUL), a permissioned layer-1 blockchain designed to accelerate cross-border payments and asset tokenization for financial institutions. The Mountain View-based tech giant launched this planet-scale blockchain built specifically for payments and capital markets, with the platform being years in development according to company officials. Google Cloud's Universal Ledger was first announced in March with CME Group as a blockchain built for finance, representing a significant advancement in the company's blockchain infrastructure.

The blockchain platform launch builds on Google's existing strategic partnership with Coinbase, the largest U.S.-listed crypto exchange. Google Cloud selected Coinbase as a partner to enable select customers to pay for cloud services using digital currencies, while Coinbase chose Google Cloud as its strategic cloud provider to build advanced exchange and data services. The collaboration has expanded to include Fortune 500 companies like PayPal and EY using Coinbase for business-to-business payments, leveraging Coinbase's 12-year track record of safely custodying crypto assets.

Google's Universal Ledger represents a credibly neutral platform that aims to simplify the management of innovative payment services and financial markets products. The blockchain infrastructure is designed to serve institutional clients seeking faster settlement times and improved efficiency in cross-border transactions. Google Cloud has positioned the platform as part of its broader Web3 strategy, allowing customers to explore crypto payments while maintaining enterprise-grade security and compliance standards.  

The Universal Ledger features multi-currency and multi-asset transaction capabilities on a single shared ledger that all participants can trust. The platform is accessible via a single API and supports automated payments while integrating directly with digital wallets without requiring complex technical implementations. Google designed the system as an innovative, programmable, distributed ledger that institutions can easily integrate and use for various financial applications. The company said the platform aims to power 24/7 compliant global settlement operations, potentially transforming how traditional financial institutions handle digital asset transactions. 

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