- Flare (FLR) price surged on Monday to reach highs last seen in June 2023.
- The gains after Flare announced Google Cloud had joined its network as an infrastructure provider.
The native token of EVM-based Layer 1 blockchain Flare (FLR) is surging after a major ecosystem development announced today, Monday January 15, 2024.
After trading at lows of $0.017 early in the day, FLR spiked double digits to hit highs of $0.023. The surge saw FLR reach prices last seen in early June, 2023. If the upside continues, buyers could target May 2023 resitance levels above $0.030.
The FLR token is a utility token used for payments, transaction fees and staking. The community can also delegate them to FTSO data providers as Wrapped FLR (WFLR). These can also be staked to allow for governance voting
Why is Flare price rising?
Today’s price increase for Flare (FLR) comes after the blockchain platform announced that cloud computing giant Google Cloud had joined its network as an infrastructure provider. Google Cloud is now among 100 Flare network infrastructure providers.
Per the announcement published on Monday, Google Cloud will act as a network validator as well as contributor to Flare’s native interoperability protocol – the Flare Time Series Oracle (FTSO). The integration will see Google Cloud propose and validate new blocks on the Flare blockchain, with this helping to secure the proof of stake platform’s network.
Hugo Philion, co-founder and CEO of Flare, said:
“As the blockchain for data, we are excited that Google Cloud is joining our existing decentralized network of infrastructure providers who contribute to Flare. Our work together will help deliver a more robust decentralized smart contract platform that places decentralized data at its core.”
As part of the collaboration, Flare has joined the Google for Startups Cloud Program, an initiative targeted at accelerating growth across the Web3 startups ecosystem. The program will offer financial and technical support to developers building on Flare.
FLR price was trading at $0.021 at the time of writing, about 24% up in the past 24 hours.