Google Cloud Invests $1 Billion in CME Group to Tune Finance-Backing Tech

Google Cloud has announced a major investment of $1 billion (about Rs 7,434.9 crore) in US-based derivatives marketplace CME Group as the two companies enter into a new 10-year deal. The financial services provider will move its processes to Google Cloud servers. Both companies plan to develop risk mitigation tools and other user-profitable platforms for those entering the field of “derivatives,” which are financial instruments rather than assets.

Noting that the deal would result in cost savings, said Terry Duffy, president and CEO of CME Group, “this is an expansion and growth of the business,” while Speaking to a news reporter about Google Partnerships.

The multi-billionaire businessman firmly believes that every revenue stream needs to be backed with technology.

“Sometimes those technology inputs can take years to implement. So this is another way for us to capture revenue on a real-time basis, under the Google umbrella, which is so big and vast,” Duffy said. said.

The CME CEO said the pandemic made him think about what the world would look like in the next five years and so he reached out to Google for the company’s tech game.

During this, google cloud has also acknowledged the new partnership on Twitter.

CME Group has recently been focusing on offering crypto-centric financial Services. Company Micro. expanding its crypto offerings with Bitcoin And ether The demand for the second largest digital asset by futures market valuation continues to grow.

For example, Micro Bitcoin Futures, launched in May and has since traded more than 2.7 million contracts, was MSN News. informed of Quoted by CME Group.

Google’s $1 billion equity investment will be in a new series of CME Group’s non-voting convertible preferred stock.

Commenting on the deal, Google Cloud CEO Thomas Kurian said, “CME Group has a century-long track record of helping investors access new markets and is known for innovation in financial markets.” report good by Wall Street Journal. He said the deal would “accelerate technological innovation in capital market infrastructure”.

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