US-based finance company CME Group is testing Google Cloud’s blockchain technology, as the firm aims to improve and increase its market infrastructure and global stock trading.
The firm is going to use blockchain technology in payment solutions and asset tokenization. CME Chief Executive Officer Terry Duffy said in the statement that, “Google Cloud Universal Ledger has the potential to deliver significant efficiencies for collateral, margin, settlement, and fee payments as the world moves toward 24/7 trading.”
As reported by Bloomberg, the firm has completed its first phase to test the blockchain, and after testing it, the firm has become the first US exchange to test blockchain technology. Further, the firm’s CEO, Terry Duffy, stated that President Donald Trump has also taken steps to make the US a regulatory environment for crypto, blockchain, and digital assets by pausing and dismissing many cases involving them.
Further, the case of SEC vs Ripple has also closed down dramatically. Ripple has dropped its cross-appeal against the SEC after the agency decided to withdraw its case against the crypto firm last week. Under the settlement, the SEC will retain $50 million out of the $125 million penalty levied against Ripple. The amount was already being kept in an interest-bearing escrow account.
In the past, Don Wilson, CEO of DRW Holdings, with some industrial leaders, had stated that the blockchain technologies can help in moving assets quickly with lower cost. Even Wilson’s crypto company has developed its own blockchain technology named Canton Network. The blockchain technology is also used by firms Goldman Sachs Group Inc. and Moody’s Ratings.
CME equity index trading through its indexes. The firm’s futures contracts on other assets, including FX, interest rates, metals, and energy, as well as cryptocurrency, all trade 24 hours a day, with some breaks during the week.
Further, this partnership is a big part of the deal that happened in the year 2021, and as a result, they are going to use this blockchain technology.
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