Is Google Developing an XRP Killer?

Key Points

• Google recently launched a new blockchain project designed for cross-border payments.

• The Google Cloud Universal Ledger poses a direct threat to the XRP Ledger.

• The Google undertaking highlights the blurring of the lines between internet, financial services, and blockchain companies.

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If you are thinking about investing in XRP (CRYPTO: XRP), you need to pay attention to what's happening in Silicon Valley. At the end of August, Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) launched a new blockchain project called Google Cloud Universal Ledger (GCUL) that some have already dubbed a potential XRP killer.

But is that really the case? Here's what you need to know about Google's latest project, and how it might affect XRP's price.

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What is the Google Cloud Universal Ledger?

The Google Cloud Universal Ledger (GCUL) is a Layer-1 blockchain, just like the XRP Ledger (XRPL), which is the blockchain powered by XRP. And, just like the XRP Ledger, GCUL has been optimized to facilitate cross-border payments between banks and financial institutions.

There are other uses for the Google blockchain, such as asset tokenization and transaction settlement, but the place where Google and XRP will compete head-to-head is likely to be cross-border payments.

Generally speaking, it's faster, easier, and cheaper to send cross-border payments using blockchain technology than legacy technology. Instead of waiting days for transactions to clear, financial institutions can get near-instantaneous settlement, and at just a fraction of the cost. So there's a huge potential market opportunity for anyone who figures out how to do this best.

Image source: Getty Images.

Right now, GCUL is still in beta testing, and likely won't go live until sometime in 2026. So there's still time for Ripple -- the company behind the XRP token -- to head off this threat. The good news for Ripple is that the XRP Ledger has been around for more than a decade, and is already battle-tested when it comes to moving money across borders using distributed ledger technology.

Key differences

Although GCUL and the XRP Ledger are both blockchains, there are some important differences. For example, the Google blockchain is a private, permissioned blockchain, while the XRP Ledger is a public, permissionless blockchain. In other words, anyone can use the XRP Ledger, but not everyone can use the Google blockchain.

Until recently, financial institutions have shown a clear preference for private, permissioned blockchains. There's simply less liability and risk involved. The idea of putting financial payment information on a public blockchain quite rightly strikes fear into the hearts of many in the financial services sector. So the Google blockchain may have an edge here, at least for now, if it is perceived as less risky.

Another key difference is that there is no token for the Google blockchain. At some point in the future, the Silicon Valley giant might choose to create one, but right now, you can't go out and invest in, say, Google Coin. Instead, the Google blockchain might rely on stablecoins and similar types of tokens created by financial institutions to transfer value.

That might not sound like a big deal at first. But if you take into account the enormous volatility of crypto, it is. The price of XRP can oscillate wildly by day, week, month, or year. So if you're using XRP as a bridge currency to transfer value between two different counterparties, there is obviously some risk involved.

From this perspective, it's far better to use stablecoins, which are pegged 1-to-1 to the U.S. dollar. The price of a stablecoin is always $1 (at least, in theory), so you don't have to worry about wild swings in price. This, too, might be an edge in Google's favor.

Impact on XRP?

The Google XRP killer is fascinating because it highlights the blurring of the distinctions between internet companies, financial services companies, and blockchain companies. The worlds of Web3 (aka Web 3.0), fintech, and crypto are coming together in wonderful new ways, leading to lower costs for users, better transparency and visibility, and faster transaction speeds.

Even if the new Google blockchain doesn't have long-term staying power, its debut does highlight the potential risk of investing in XRP. The value of XRP is inextricably tied up in the utility of the XRP blockchain. So, if new blockchains begin to erode the perceived utility of the XRP blockchain, it could lead to crypto investors selling the XRP coin.

At the end of the day, Ripple still has the first-mover advantage. So maybe Ripple figures out a way to outsmart Google and boost the value of the XRP token. But I'm certainly dialing back my long-term expectations for XRP. If you were previously expecting XRP to double, triple, or quadruple in value over the next few years, I suggest you do the same.

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Dominic Basulto has positions in XRP. The Motley Fool has positions in and recommends Alphabet and XRP. The Motley Fool has a disclosure policy.