Google invests 1 billion USD in CME Group with 10-year Google Cloud contract

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2021-11-07 08:30:05

Google’s parent company Alphabet has invested $1 billion in equity in the Chicago Mercantile Exchange Group (CME), the world’s leading cryptocurrency derivatives exchange.

Google invests 1 billion USD in CME Group with 10-year Google Cloud contract

In a November 4 announcement to investors, CME Group announced a $1 billion investment from Alphabet along with a 10-year strategic partnership with Google Cloud to accelerate its transformation. exchanges to the cloud and changing the way global derivatives markets work. Google invested through the company’s irrevocable preferred stock.

Through this long-term partnership with Google Cloud, CME Group will transform the derivatives market through technology, expanding accessibility and creating efficiency for all market participants. CME Group President and CEO Terry Duffy said the partnership will allow CME Group to bring new products and services to market faster.

The CME Group is behind the first Bitcoin (BTC) futures contract that launched in December 2017. Since that time, the exchange has continued to expand its derivatives offerings to include futures. Hybrid Micro Bitcoin, Ethereum (ETH) and Micro Ether.

However, the recent influx of money from Google will certainly boost the interest of the world’s most prominent technology giant in the cryptocurrency space. If there is deeper involvement in the future, it will definitely create an unprecedented “blockbuster” in Bitcoin history, as Google is currently the company that holds the 5th largest number of valuable assets in the world, with $1.972 billion.

The total capitalization of the world's largest assets.  Source: Companiesmarketcap
The total capitalization of the world’s largest assets. Source: Companiesmarketcap

One key point to note is that the CME is often seen as the primary “gateway” for large US-based institutional traders to start entering the market and gain exposure to Bitcoin. At the same time, the Bitcoin ETFs that have just been approved by the SEC are based on CME price contracts.

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