Google, the Internet giant, has finally come around with the idea of decentralization and is giving cryptocurrencies a try. But the company has not done so in the literal sense, only putting their investment in Bitcoin futures ETF, which is literally the easiest way to invest in cryptocurrency. The $1 billion which the parent organization of Google has invested in goes to Chicago Mercantile Exchange dealing with Bitcoin futures ETF. The investment done by Google was in good faith that the Chicago Mercantile Exchange would transfer its trading systems to Google cloud.
So, in the long run, it is a business venture and not an investment per se. Google has everything to gain with this initial investment as if the deal is struck; then Google will be offering its cloud services to CME for the sake of handling trillions of dollars of transactions that take place in trades every day. A 10-year partnership agreement has been struck between the two parties, and in this agreement, Google will be providing its cloud services to the exchange.
Google Cloud to Invest $1 Billion in CME Group
Using all the latest technology, including AI software, Google technology, and faster cloud integration, the exchange will truly be able to secure a massive audience in terms of investors and traders wanting to do business with the firm. CME has a market capitalization of about $80 billion, and Google cloud is the 4th largest cloud provider service out there. This partnership is definitely going to change the way people interact with the crypto market as the latest offerings from Google in terms of cloud services will definitely be able to polish the trading mechanics of CME.
Other than investing in the crypto market and Bitcoin futures ETF, the exchange has been working for almost a century, investing in crude oil, gold, and stock market futures as well. The company has facilitated investment deals with various financial enterprises rates over the years, launched various projects, and has overseen multiple deals in both forex and stock market before choosing to do business with the crypto market in 2017.