Categories: Market

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.

Source: CME

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Annie

According to Cointelegraph

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.