Advertisement
AD

Main navigation

Advertisement

Google Invests $1 Billion in Bitcoin Futures Platform CME Group

Advertisement
Thu, 4/11/2021 - 13:59
Google Invests $1 Billion in Bitcoin Futures Platform CME Group
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Advertisement

Google has given a whopping $1 billion to CME Group—the first platform that launched Bitcoin futures together with CBOE in December 2017, according to The Wall Street Journal.

Along with the investment, a condition was that CME would shift its core trading system to the Google Cloud.

Google gets a prize client: CME

CME works with markets that see trillions of USD circulating in trades every single day. The partnership of the companies will make it easier for CME to land new customers quickly, perform operations seamlessly and build new trading tools based on Google tech. The latter includes AI-based software that monitors market risks.

Advertisement

CME Group's market capitalization value totals almost $80 billion, and this platform is the most valuable exchange operator. This status was awarded to CME recently after it was lost by Hong Kong Exchanges & Clearing Ltd. CME trades in multiple markets, including crude oil, gold and Bitcoin and ETH futures.

Google Cloud is the fourth-biggest provider of cloud services. In 2020, it received 6.1% of revenues in the cloud infrastructure around the globe, as per data from Gartner Inc. The largest player in this market is Amazon, with a 40% market share in 2020, followed by Microsoft and Alibaba Group.

Google invests $1 billion in CME stocks

The aforementioned $1 billion was invested by Google Cloud in CME's nonvoting convertible preferred stock. According to Google Cloud CEO Thomas Kurian, this stands for Google's intention to support not a single company but the transformation of the whole nascent financial system on the planet.

Related

When CME will move to Google Cloud

The process of CME shifting its infrastructure to Google Cloud will take place in 2022. The core trading systems will migrate first, then CME's data and clearing services will follow suit.

In the end, all CME markets will be shifted to Google Cloud. The chief of CME, Terrence Duffy, has called the deal with the cloud giant "a marriage made in heaven."

A
A
A

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD