Google has invested $1 billion to the Chicago Mercantile Exchange (CME), one of the world's major exchanges for bitcoin (BTC) and ether (ETH) futures. This was done in the form of non-voting convertible shares.
It is also agreed in the agreement between the two firms that CME's trading systems be relocated to Google Cloud data centers. This is a branch of the American corporation that offers cloud storage and server renting, among other services.
The migration to Google Cloud will begin early next year, and it will be completed over several phases. Clearing data and services will be relocated first, followed by the upload of all of your markets to the Google cloud.
Since 2017 CME has traded bitcoin futures contracts, and at the beginning of 2021, it added Ethereum futures contracts to its cryptocurrency derivatives offerings.
CME was the first financial institution with a track record in traditional financial markets to provide Bitcoin and cryptocurrency-related products. Many consider them to be the ones who 'opened the doors' to the billions of dollars in institutional funding that followed.
The agreement between the two companies will cover the next 10 years.
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Author: Oliver Redding
Seattle Newsdesk / Breaking Crypto News
