The price of Flare (FLR) saw a significant surge on Monday, reaching levels last witnessed in June 2023. This surge follows an announcement from Flare about Google Cloud joining its network as an infrastructure provider.

Earlier in the day, FLR traded at lows of $0.017 before spiking by double digits to reach a high of $0.023. This surge marked a price level not seen since early June 2023 and if the upward momentum continues, buyers might target resistance levels above $0.030 from May 2023.

FLR serves as a utility token for payments, transaction fees, staking, and can also be delegated to FTSO data providers as Wrapped FLR (WFLR), and staked for governance voting.

Reason for the Surge in Flare Price

Flare’s price increase is attributed to the recent partnership announcement with Google Cloud, a leading cloud computing company that has now become one of the 100 network infrastructure providers for Flare. According to the announcement made on Monday, Google Cloud will act as a network validator and contributor to Flare’s native interoperability protocol, the Flare Time Series Oracle (FTSO). This integration will involve Google Cloud in proposing and validating new blocks on the Flare blockchain, which will contribute to securing the proof of stake platform’s network.

Hugo Philion, co-founder and CEO of Flare, expressed excitement about the collaboration, stating, “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.”

In addition, as part of this collaboration, Flare has joined the Google for Startups Cloud Program, aiming to support the growth of Web3 startups. This initiative will offer financial and technical support to developers building on Flare.

At the time of writing, FLR was trading at $0.021, indicating a 24% increase over the past 24 hours.

Frequently Asked Questions (FAQs)

What is Flare (FLR)?

Flare is an EVM-based Layer 1 blockchain that utilizes a native token called FLR.

What is the role of Google Cloud in the partnership with Flare?

Google Cloud has joined Flare’s network as an infrastructure provider, acting as a network validator and contributor to Flare’s native interoperability protocol – the Flare Time Series Oracle (FTSO).

How did the FLR price respond to the integration of Google Cloud?

Following the announcement of Google Cloud joining Flare’s network, the price of FLR surged significantly, reaching levels last seen in June 2023.

What benefits does the partnership offer to Flare and Google Cloud?

The collaboration is expected to deliver a more robust decentralized smart contract platform and will offer financial and technical support to developers building on Flare through the Google for Startups Cloud Program.