CME Group chair 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 made a $1 billion equity investment in the Chicago Mercantile Exchange Group, the exchange responsible for many crypto derivatives products.
In a Nov. 4 notice to investors, the CME Group announced the $1 billion investment from Alphabet in addition to a 10-year strategic partnership with Google Cloud aimed at accelerating the exchange’s move to the cloud and changing the way global derivatives markets operate. Google made the investment through the company’s nonvoting 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 CME Group chair and CEO Terry Duffy. “This partnership will enable CME Group to bring new products and services to market faster.”
The CME Group was behind the first Bitcoin (BTC) futures contract launched in December 2017. Since that time, the exchange has continued expanding its offerings of crypto derivatives to include micro BTC futures, BTC options, and micro Ether (ETH) futures, expected to launch on Dec. 6.
According to data from CME Group, the average daily volume in its Bitcoin futures reached 6,243 contracts as of Nov. 3, with 13,417 open interest contracts. At the time of publication, the company’s market capitalization is $79.8 billion, making it a significant player in the industry.
News Source from CoinTelegraph.com