Google invests $1B in CME Group
According to the Wall Street Journal, Google pledged $1 billion to the CME Group, the first platform to launch Bitcoin futures alongside CBOE in December 2017.
Google invested $1 billion in CME and struck a cloud deal with the exchange firm, gaining a prize financial-services client https://t.co/QqJb2cQaBq— The Wall Street Journal (@WSJ) November 4, 2021
Google Cloud channeled this investment into CME's nonvoting convertible preferred stock. According to Google Cloud CEO Thomas Kurian, this means Google's intention to support not one company, but the transformation of the entire nascent financial system on the planet.
The process of migrating CME infrastructure to Google Cloud will take place in 2022. The core trading systems will be migrated first, followed by the CME's data and clearing services.
The partnerships between the companies will make it easier for CME to quickly find new clients, smoothly execute transactions and create new trading tools based on Google technologies. CME chief Terrence Duffy has already called the deal with the cloud giant "a marriage made in heaven."