The Chicago Mercantile Exchange (CME), one of the world’s largest exchanges that trades bitcoin (BTC) and ether (ETH) futures, received $ 1 billion from tech giant Google. This investment was made through the purchase of convertible shares without voting rights.
As part of the agreement between both companies, it is also stipulated that CME’s trading systems are transferred to data centers, known as Google Cloud. This is a division of the American company that provides computer storage services in the cloud and server rental, among others.
The association will “transform derivatives markets through technology, expanding access and creating efficiencies for all market participants”, said Terry Duffy, President and CEO of CME Group.
Thanks to this alliance, CME Group will be able to launch new products and services to the market quickly, Duffy explained.
The agreement between CME and Google is for 10 years. Migration to Google Cloud will begin in 2022, it will be done in collaboration with clients and in several phases. Initially, clearing data and services will be moved, and eventually all of your markets will be uploaded to the Google cloud.
CME has been trading bitcoin since 2017
It is worth remembering that CME has been trading bitcoin futures contracts since 2017 and expanded its offer of cryptocurrency derivatives, with the introduction of a new microfutures contract, last May, a fact reported by CriptoNoticias.
Likewise, the Chicago-based exchange also delved into the ethers futures contracts, the network native cryptocurrency Ethereum, in early 2021.
This type of product allows buyers and sellers, establish the representation of an asset with a quantity and a price specific on a date set in the future. CME was the first institution with a recognized track record and reputation to offer a financial product based on bitcoin.