Google (NASDAQ:GOOGL) Cloud has solidified its position in the blockchain sector by becoming an official validator on Polygon (MATIC), a layer-2 blockchain that enhances the security and functionality of the Ethereum scaling solution. This move, announced on Monday, highlights Google Cloud's growing engagement with blockchain ecosystems, adding to its role as a validator for the Solana (SOL) blockchain since October 2022.
As a validator, Google Cloud holds a direct stake of more than 10,000 Polygon tokens ($MATIC) and participates in the confirmation of network transactions. This involvement is a significant endorsement for Polygon, given Google Cloud's considerable weight and reputation.
Polygon Labs praised Google Cloud's induction into its network, emphasizing the added security and trust that such esteemed validators bring. With Google Cloud on board, Polygon users can anticipate improved trust and security - vital elements in the rapidly expanding blockchain ecosystem.
This partnership is not new; their collaborative journey began in April and blossomed into a multi-year strategic alliance aimed at promoting the adoption of core Polygon protocols. This collaboration is part of a broader narrative of Google Cloud's engagement with blockchain technologies. In 2022, Google Cloud launched its Blockchain Node Engine, a fully managed node-hosting service designed for web3 entities, with Ethereum being the first chain to receive support.
Google Cloud's involvement comes at a transformative time for Polygon. In June, a proposal was submitted for an upgrade to Polygon 2.0, an ambitious move set to elevate the project as the "value layer of the internet." Central to this transition is the native MATIC token's evolution which will morph into POL if the proposal is approved.
As of Monday, MATIC is trading at $0.527, marking a 1.68% rise within a 24-hour period. This ongoing narrative of partnerships, technological innovations, and network upgrades highlights the dynamic development of the blockchain and crypto spaces, with major players like Google Cloud playing key roles in shaping this digital frontier.
Google Cloud's involvement with Polygon is a high-profile addition to the network, considering its approximately 9% share in the $83 billion cloud market. However, it is not the first industrial giant to partner with this Ethereum Layer 2. Other notable partnerships include eBay (NASDAQ:EBAY), Starbucks (NASDAQ:SBUX), Disney, and Reddit.
This announcement comes shortly after Google Cloud added data from over 10 blockchains to its data warehouse, BigQuery. The cloud computing business has included data from the Bitcoin blockchain since 2018.
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