According to The Wall Street Journal, Google invested $1 billion in CME Group, the first platform to launch Bitcoin (BTC) futures with the CBOE, in December 2017.
With the investment, CME will shift its core trading system to Google Cloud.
CME works with markets that trade trillions of dollars every day. This partnership of companies will enable CME to find new customers, seamlessly process transactions and create new trading tools based on Google services.
CME Group has a market capitalization of around $80 billion. With this figure, CME has the title of the most valuable exchange operator.
Google Cloud is the fourth largest cloud service provider in the world. The largest transfer in this market is Amazon with 40% share. It is followed by Microsoft and Alibaba. Google’s share of the cloud market is 6.1%.
1 Billion Dollar Investment
According to Google Cloud CEO Thomas Kurian, Google intends to support the transformation of the entire nascent financial system on the planet, not just one company.
It is stated that eventually all CME markets will be shifted to Google Cloud. CME president Terrence Duffty described the deal with Google as a “marriage made in heaven.
