Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

Google Cloud's Entry Into Celo Network Signals Mainstream Adoption Of Blockchain Technology

Published 02/08/2023, 22:15
Updated 02/08/2023, 23:40
© Reuters.  Google Cloud's Entry Into Celo Network Signals Mainstream Adoption Of Blockchain Technology

Benzinga - Google Cloud has become a validator on the Celo network, a move that is set to bolster the network's security.

Google Cloud now joins a diverse group of validators, including Deutsche Telekom and impactMarket, in validating the Celo platform.

This collaboration is part of a broader effort to scale blockchain technology for mainstream adoption.

Also Read: PancakeSwap To Share Millions In Trading Fees With Stakers: What You Need To Know

Recently, the Celo community voted in favor of transitioning from an independent layer-1 blockchain to an Ethereum (CRYPTO: ETH) layer-2 solution.

To facilitate this transition, cLabs will use Google Cloud’s Blockchain Node Engine, a fully managed node-hosting service.

This service will streamline node operations for participants in the Celo network, ensuring reliable and secure transaction relays.

The Celo ecosystem currently includes over 1,000 projects in more than 150 countries. Among these are decentralized applications (dApps) such as the universal basic income (UBI) distributor GoodDollar and community inclusion currencies (CICs) on Grassroots Economics.

Xochitl Cazador, Celo head of ecosystem growth, praised the partnership, stating, “Google Cloud and the Celo Foundation have a shared mission to leverage blockchain technology and innovation to bolster sustainable solutions for everyday people and the planet."

Google Cloud director Carlos Arena echoed these sentiments, stating, "At Google Cloud, we’re focused on strengthening the Web3 ecosystem by offering founders and developers the tools they need to scale their applications."

The Celo Foundation continues to be a founding partner in Google Cloud’s new Web3 startup program, which offers up to $200,000 in Google Cloud credits over two years and up to $1 million in grants allotted by the Celo Foundation for future mission-driven projects.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

The partnership between Google Cloud and Celo was initially aimed at supporting sustainability-focused startups in the Celo ecosystem with cloud infrastructure for building and scaling Web3 applications.

Read Next: Hex Founder Richard Heart Defrauded Investors, Spent $12M On 'Enigma' Diamond And Luxury Items - SEC

Join Benzinga's Future of Crypto in NYC on Nov. 14, 2023 to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.