Google Cloud is now a member of the distributed ledger firm Hedera Hashgraph’s governing body, as an announcement from Tuesday says. This is from a blog post from the cloud-focused business unit reads:

“As part of our council membership, Google Cloud will operate a Hedera network node, and make the ledger data available for analytics alongside GCP's other public DLT datasets, bolstering GCP's position as the cloud provider of choice for DLT networks and decentralized applications.”

Atul Mahamuni, the SVP of Products at Hedera had this to say about his company’s decisions to turn to Google Cloud:

“We initially turned to Google Cloud for its ease of use, networking advantages and overall platform performance. The Google Cloud Platform was the perfect foundation to help us achieve our goals to bring enterprise-ready DLT adoption at scale.”

Meanwhile here is what the Google Cloud developer advocate Allen Day wrote about Hedera in the released blog post:

“We’re inspired by what Hedera has accomplished to date, and look forward to providing the infrastructure and technologies to support what’s possible with distributed ledger technology.”

According to Hedera, the move is only meant to deepen an already existing relationship.

A few of the other big names in the Hedera Hashgraph Governing Council are Deutsche Telekom, IBM, Boeing, Tata Communications and Nomura. According to CoinMarketCap, the network’s HBAR token’s price spiked over 60% in the day of the announcement about Google Cloud.

Ever since it started trading in September 2019, the HBAR’s price fallen quite rapidly, so efforts to increase its value had to be made. Hedera even asked its simple agreement for future tokens (SAFT) holders to wait until their tokens are unlocked and not go for additional tokens. The firm managed to raise $125 million from 3 different token sales, reports are saying.

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