Google is investing $ 1 billion in CME with a 10-year cloud contract
Google‘s parent company Alphabet has invested $ 1 billion in the Chicago Mercantile Exchange Group (CME), an exchange that manages a wide range of crypto derivative products.
Yesterday was CME announced Alphabet invested $ 1 billion on top of a 10-year strategic partnership with Google Cloud to accelerate the migration of exchanges to the cloud and transform 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, increase accessibility and create efficiency for all market participants. This partnership will enable CME Group to bring new products and services to market faster, ”said President and CEO Terry Duffy.
CME launched its first Bitcoin futures contract in December 2017.
The average daily volume in CME Bitcoin Futures reached 6,243 contracts with 13,417 open interest (OI) on November 3rd. At the time of publication, the company’s market cap was $ 79.8 billion, making it a major player in the industry.
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According to Cointelegraph