Google Cloud has further solidified its presence 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 underscores Google Cloud's increasing engagement with blockchain ecosystems, building upon 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 actively participates in the confirmation of network transactions. This level of involvement is a significant endorsement for Polygon, leveraging Google Cloud's considerable weight and reputation in the tech industry.
Polygon Labs, the organization behind Polygon, has praised Google Cloud's induction into its network, highlighting the added security and trust that such esteemed validators bring. With Google Cloud on board, Polygon users can expect improved trust and security, which are essential elements in the rapidly expanding blockchain ecosystem.
This partnership has been in the works since April, evolving into a multi-year strategic alliance aimed at promoting the adoption of core Polygon protocols. It is part of a broader narrative of Google Cloud's deepening 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 moment for Polygon. A proposal for an upgrade to Polygon 2.0 was submitted in June, with ambitions to position the project as the "value layer of the internet." Central to this transition is the native MATIC token's evolution, which will become POL if the proposal gains approval.
As of Monday, MATIC is trading at $0.527, reflecting a 1.68% increase within a 24-hour period. This ongoing narrative of partnerships, technological innovations, and network upgrades underscores the dynamic development of the blockchain and cryptocurrency spaces, with major players like Google Cloud playing pivotal roles in shaping this digital frontier.
Google Cloud's involvement with Polygon adds a high-profile dimension to the network, considering its approximately 9% share in the $83 billion cloud market. However, Google Cloud is not the first industrial giant to partner with this Ethereum Layer 2. Other notable partnerships include eBay, Starbucks, Disney, and Reddit.
This announcement closely follows Google Cloud's inclusion of data from over 10 blockchains into its data warehouse, BigQuery. The cloud computing giant has been incorporating data from the Bitcoin blockchain since 2018, highlighting its commitment to embracing blockchain technology and the growing importance of blockchain data in the broader tech ecosystem.