- Google Cloud has joined the Celo network as a validator, triggering a 10% rise in CELO prices.
- This strategic move will expedite Celo’s transition to an Ethereum Layer-2 solution, enhancing both liquidity sharing and security.
In a significant step that underscores the convergence of cloud computing and blockchain technology, Google’s Cloud service has become a validator for the Celo network. This strategic move has sent the prices of CELO, Celo’s native token, up by an impressive 10%.
An Enhanced Collaboration: Google Cloud and Celo
This initiative marks an intensification of the ongoing collaboration between Google Cloud and Celo. Google’s cloud computing behemoth has previously joined forces with Celo to provide workshops and cloud services for developers and Web3 founders constructing projects on Celo’s platform.
As a validator on the network, Google Cloud now plays a vital role in affirming new transactions and bolstering the overall security of the blockchain. This elevated role further demonstrates Google Cloud’s commitment to expanding its involvement in Web3, with Celo being an integral part of this strategy.
This collaboration is happening at a particularly opportune time for Celo, as the network has recently decided to migrate from its standalone blockchain to an Ethereum layer-2 solution. This significant transition is designed to amplify liquidity sharing between the two networks and augment overall security.
To ensure a smooth and speedy shift to the Ethereum ecosystem, cLabs, Celo’s core contributor, will utilize Google Cloud’s Blockchain Node Engine, a highly efficient node-hosting service. This engine will streamline node operations for Celo members by relaying transactions promptly, negating the need to wait for nodes to synchronize, thereby facilitating the alignment of Celo 2.0 with the Ethereum network.
Carlos Arena, director of digital assets at Google Cloud, highlighted the company’s commitment to fortifying the Web3 ecosystem by providing founders and developers with the necessary tools for scaling their applications. He further noted that this recent development with Celo validates their collaborative efforts and expressed enthusiasm about fostering the network’s growth.
In the wake of this announcement, CELO’s value surged by up to 6%, settling at a healthy 2.4% increase over the past 24 hours. This growth indicates that the market has positively responded to Google Cloud’s step into the world of blockchain validation, reaffirming Celo’s potential as a significant player in the crypto space.