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Google invests $ 1 billion in CME Group with a 10-year cloud contract

77x bitcoin

CME Group President and CEO Terry Duffy said the investment and partnership would help the company “transform derivatives markets through technology, expanding access and creating efficiencies for all market participants.”

Google’s parent company Alphabet has invested $ 1 billion in the Chicago Mercantile Exchange Group, the exchange responsible for many crypto derivatives.

In an investor notice on November 4, CME Group announced Alphabet’s $ 1 billion investment, plus a 10-year strategic partnership with Google Cloud to accelerate the move from the stock market to the cloud and change the market. global derivatives markets operate. Google made the investment through the company’s non-voting convertible preferred stock.

“Through this long-term partnership with Google Cloud, CME Group will transform derivatives markets through technology, expanding access and creating efficiencies for all market participants,” said Terry Duffy, president and CEO of CME. Group. “This partnership will allow CME Group to bring new products and services to market more quickly. “

The CME group was responsible for the first Bitcoin (BTC) futures contract launched in December 2017. Since then, the exchange has continued to expand its crypto derivatives offering to include micro BTC futures, BTC options, and micro Ether futures ( ETH). for release on December 6.

Related: Cryptocurrency Derivatives Market Shows Growth Despite Regulator FUD

According to data from CME Group, the average daily volume of its Bitcoin futures contracts reached 6,243 contracts on November 3, with 13,417 contracts pending. At press time, the company’s market capitalization was $ 79.8 billion, making it a major player in the industry.

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