Google Invests $1B in Bitcoin Futures Provider CME Group
CME Futures, the futures-exchange giant that offers regulated bitcoin services, has secured a massive investment from Google worth $1 billion aiming to transfer its core trading systems to the cloud.
- The news was first reported by the Wall Street Journal, and informs that the tech giant will provide its cloud services to CME to “power markets that handle trillions of dollars in trades each day.”
- The two parties have agreed on a ten-year partnership. CME will strive to onboard new users faster and develop new features with Google technology, such as AI software.
- CME is one of the world’s largest exchange operators with a market capitalization of nearly $80 billion, while Google Cloud is the fourth-largest cloud provider with 6.1% of the global market share last year.
- Launched more than a century ago, the Chicago Mercantile Exchange provides its clients with exposure to numerous markets, from crude oil and gold to stock-market futures.
- Since late 2017, CME has also been a part of the cryptocurrency space by launching Bitcoin futures trading. Since then, the company has facilitated deals for multiple giant institutions, including the world’s largest asset manager – BlackRock.
- CME also released Ethereum futures trading and most recently doubled down by launching Micro Ether Futures contracts.
