EOS Price Gained 17% as Google Cloud Joins The Blockchain Community

Software and EOS developer Block.one announced the news of Google Cloud joining the community via a blog post published earlier today, on Oct. 6.

According to the announcement, apart from joining the network, Google Cloud is also aiming to become a BP on the chain.

The decision to allow Google Cloud to become a BP will be put to a vote among token holders. Currently, 21 BPs form the core part of the EOS network. Also, joining the public blockchain platform will mean that the tech behemoth will bring its premium infrastructure that would benefit the EOS network.

The latest development underscores the growing confluence of blockchain and the broader tech scene. Block.one’s CEO. Brendan Blumer stated that “EOS is a powerful solution for anyone looking to leverage the decentralized ecosystem with ease.”

Commenting on the development, Block.one CTO, Dan Larimer, remarked:

“Through secure oracles, inter-chain transaction reporting, key management, and high-integrity full-node validation, Google Cloud’s confidential computing infrastructure will enhance the security, scalability, and decentralization of blockchain technology.”

In another development, Block.one announced the appointment of Wall Street veteran Martin Chavez to head the firm’s advisory board. Chavez, who has held various top executive roles at banking giant Goldman Sachs will help to promote the global adoption of blockchain technology.

As reported by CryptoPotato back in 2019, the U.S. Securities and Exchange Commission (SEC) slapped a $24 million fine on Block.one. According to the SEC, the EOS creator conducted an unregistered initial coin offering (ICO) which raised $4 billion.

In June 2020, the software firm announced the development of a blockchain-powered social media platform called Voice. The new app would reportedly give control back to the users and offer transparency and was scheduled to launch on July 4, 2020.

Green Day for EOS Despite General Crypto Price Decline

Amid the news of Google Cloud becoming a BP, EOS price saw a massive spike, rising over 17% in less than two hours. As of now, EOS is trading for $2.67 and a 2.5 Billion USD market cap, after reaching almost $2.90 at today’s high.

Tuesday’s price jump makes EOS the best performing top-20 altcoin token over the last 24-hour trading period. The 14th-largest cryptocurrency by market capitalization is also up 7.8% year-to-date (YTD), as of writing these lines.

While EOS enjoyed significant gains likely due to the Google Cloud announcement, the broader crypto market has experienced a pullback. As of press time, the total cryptocurrency market capitalization is down over 2%.

The Dow has fallen more than 300 points in the 15 minutes since President Trump tweeted that he asked Sen. McConnell to stop negotiating another COVID-19 stimulus package. https://t.co/B1cFp1gsy9 pic.twitter.com/WKjkpTiCWz

— Ian Scheuring (@IanScheuring) October 6, 2020

Reports of U.S. President Donald Trump deciding against the second round of COVID-19 stimulus payments is causing a fresh wave of sell-offs in the asset market. Within minutes of President Trump tweeting about his decision, the Dow plummeted by 300 points.