Why Google can move BTC to over 100K
Google (or rather Alphabet, its parent company), has just decided that it would be investing the astonishing amount of $1 billion in Bitcoin Futures with CME (Chicago Mercantile Exchange) Group.
CME Group President and CEO Terry Duffy said the investment and partnership with Google would help the company “transform derivatives markets through technology, expanding access and creating efficiencies for all market participants”. Google’s parent company, Alphabet, has made a $1 billion investment in the Chicago Mercantile Exchange Group, the stock exchange responsible for many crypto derivatives.
In a notice to investors on Thursday, the CME Group announced a $1 billion investment from Alphabet, in addition to a 10-year strategic partnership with Google Cloud, designed to accelerate the stock market transition to the Cloud and change the way global derivatives markets work. Google invested in the form of non-voting convertible preferred stocks of CME, according to cointelegraph.com
Google – CME Group’s Chairman, Terry Duffy
Speaking about the partnership, the Chairman of GME, Terry Duffy said
it will transform derivatives markets through technology, expanding access and creating efficiencies for all market participants”.
“To ensure a smooth transition, we will work closely with clients to implement a phased approach. This partnership will enable CME Group to bring new products and services to market faster — all in a flexible and scalable environment that will create a wide range of opportunities for the marketplace.”
The CME Group was behind the first Bitcoin (BTC) futures contract launched in December 2017. Since then, the stock exchange has continued to expand its crypto derivatives offerings to include BTC micro futures, BTC options and Micro Ether (ETH) futures. According to the CME Group’s website, the Micro Ether Futures are expected to be launched on December 6, in just a little over a month at writing this article.
According to the CME Group, the average daily volume of Bitcoin futures has now managed to reach 6,243 contracts as of November 3, with 13,417 open interest contracts. It is also worth pointing out that the company’s market capitalization is $79.8 billion, making it a significant player in the industry. The CME Group itself is a huge company – anyone can tell that, even purely from its market capitalization. Now, with this new 10-year partnership with Google and the $1 billion investment, we are most likely going to see the Chicago Mercantile Exchange Group grow even more. The interest in crypto futures is also growing in the cryptocurrency communities, so we should expect to hear more on this topic in the short term
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