Flare’s Value Skyrockets Over 30% as Google Steps in as Validator
Google Cloud has been a major player in the crypto industry for a while now. The cloud computing service team partnered up with several big projects – think Solana, Near Protocol, Kyber Network and Binance Smart Chain. The tech giants have added another Web3 collaboration to their portfolio, teaming up with Flare (FLR). Google Cloud is taking up a position as one of 100 organisations participating as a validator of the Flare network, while also contributing to the Flare Time Series Oracle (FTSO).
What is Flare (FLR)?
Flare is a newer blockchain project that went live in February last year. The Layer 1 network positions itself as the “blockchain for data”, providing app developers across the Web3 community with access to real-time information. This is all made possible by Flare’s Oracle system FTSO, which draws data from outside the Flare blockchain and communicates it back to the network.
The FLR token surged in the aftermath of the announcement, settling with gains of about 32% in the past 24 hours. The partnership is a big deal for the Flare project, as Google Cloud is the third-largest cloud service provider in the world, accounting for nearly 10% of the market share. This immediately gives Flare’s blockchain access to a massive swathe of data that provides app developers with greater utility and interoperability.
Flare holders will be hoping the news provides a sustained run for the crypto project, which has endured a lean 2023-24. The FLR token is down 71% since its inception in Feb last year, however has rebounded in recent times thanks to improving market conditions and renewed interest in the project.