Crypto investors started the day on a positive note with the rise of BTC, and the news flow has sparked hopes for a popular altcoin. CELO, which recently voted for its transformation to Ethereum L2, has now announced a partnership with Google. Following the announcement, the altcoin’s price surpassed $0.51.
Why is CELO Coin Surging?
The Celo Foundation announced today that Google Cloud is running a validator on the Celo network, which helps strengthen the overall security of the network. In April, Google Cloud and the Celo Foundation announced their partnership to build and scale Web3 applications.
On Monday, community members approved cLabs’ proposal for Celo to transition from an independent layer1 network to an Ethereum layer-2 solution, providing scalability, security, and more real-world use cases to the Ethereum ecosystem. To facilitate and accelerate the transition to the recently approved Ethereum ecosystem, cLabs will benefit from Google Cloud’s Blockchain Node Engine, a node hosting service.
Xochitl Cazador, Head of Ecosystem Growth at the Celo Foundation, said:
“Google Cloud and the Celo Foundation share a common mission to leverage blockchain technology and innovation to support sustainable solutions for people and the planet.”
Carlos Arena, Director of Digital Assets at Google Cloud, stated:
“As Google Cloud, we focus on empowering companies and developers by providing the tools they need to scale their applications. Running a validator on the Celo network enhances our collaboration with the Celo Foundation and we are excited to contribute to the growth of the network.”
Google Cloud and other service providers are offering node services similar to today’s hosting services in order to maintain their share in the future of Web3. However, these partnerships do not bring significant advantages or capital flows to altcoin projects as they primarily aim to increase the earnings of service providers.
