Google Cloud has announced Google Cloud Universal Ledger (GCUL), a new Layer-1 (L1) blockchain platform that aims to simplify global payments and asset reconciliation. GCUL simplifies the management of commercial bank money, enabling transfers via distributed ledger technology. The platform is currently in a private testnet phase, and the company launched a pilot project for tokenized assets with CME earlier this year. While Rich Widmann, Google Cloud’s head of Web3 strategy, stated that GCUL is a Layer 1 blockchain, some in the community have expressed the view that the structure is not fully decentralized and permissionless, but more like a consortium chain. The company argued that instead of reinventing money, infrastructure should be redesigned: “The path to a global, 24/7, multi-currency, and programmable payments system isn't about reinventing money, but about reimagining the infrastructure. GCUL will enable the next generation of payments while preserving the stability and regulatory clarity advantages of the current financial system.” *This is not investment advice.