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Google sinks $1 billion into CME Group’s Bitcoin futures By BTC Peers

by Mike Robinson

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© Reuters. Google sinks $1 billion into CME Group’s Bitcoin futures

According to Wall Street Journal: Google (NASDAQ 🙂 has invested over $1 billion in CME Group. The clause stated that CME would switch its core trading system to Google Cloud.

CME, which was launched futures with CBOE and CBOE together in December 2017, was the initial platform to do so. CME is used to billions of dollars being traded on the platform every day. CME could be brought closer to customers by the partnership, which will allow it to perform operations seamlessly and invent trading tools that are based on Google tech. This includes AI-based software for monitoring market risk.

CME Group (NASDAQ:) is the world’s most valued exchange operator, with a market capital of approximately $80 billion. This honor was recently bestowed on CME after it was let go by Hong Kong Exchanges & Clearing Ltd. The CME can trade in many markets, including gold, Bitcoin, and ETH futures.

Google Cloud, however is still the 4th-largest provider of cloud services. According to data from, it received 6.1% revenue in cloud infrastructure worldwide in 2020. Gartner (NYSE.) Inc. Amazon (NASDAQ.) has the highest market share at 40% in 2020. Microsoft (NASDAQ.) comes second. Alibaba (NYSE Group:)

Google Cloud spent $1 billion on CME’s preferred stock.

Thomas Kurian, CEO of Google Cloud, stated that this investment was a sign of Google’s intent to not just support one company but transform the entire financial system.

CME plans to move its infrastructure to Google Cloud by 2022. CME will first move its core trading system, then data and clearing services.

All CME market data will eventually be moved to Google Cloud. Terrence, the CME chief, tags the alliance with Google Cloud “a marriage made in Heaven.”

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