Google has invested $1 billion in Bitcoin Futures Platform CME Group. The Google Cloud giant is investing $1 billion in CME, a futures exchange that trades Bitcoin and ETH contracts, among other futures. Bitcoin, ETH and many other altcoins are offered on the CME. Details cryptocoin.comYou can find it in .
Indirect investment in 2 altcoins from Google
According to The Wall Street Journal, Google gave $1 billion to the CME Group, the first platform to launch Bitcoin futures alongside the CBOE, in December 2017. Along with the investment, it was essential for CME to shift its core trading system to Google Cloud.
CME works with markets where trillions of US dollars are circulating in transactions every day. The companies’ partnership will make it easier for CME to find new customers, process transactions seamlessly, and create new transaction tools based on Google’s technology. CME Group has a market capitalization of approximately $80 billion and is the platform’s most valuable exchange operator.
Google invests $1 billion in CME shares
The aforementioned $1 billion was invested by Cloud in CME’s non-voting convertible preferred stock. According to G. Cloud CEO Thomas Kurian, this represents Google’s intention to support the transformation of the entire nascent financial system in the world, not just one company.
When will CME migrate to G. Cloud? The process of shifting CME’s infrastructure to Google Cloud will occur in 2022. Core transaction systems will be migrated first, followed by CME’s data and swap services. Eventually, all CME markets will be shifted to Google Cloud. CME head Terrence Duffy described the deal with the cloud giant as a “marriage made in heaven”.
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