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| pic credit: Tech Xplore |
According to Cryptopotato, Alphabet, the internet giant, has invested $1 billion in the Chicago Mercantile Exchange, a futures exchange. CME Global, a major futures exchange that provides regulated Bitcoin services, has received a $1 billion investment from Google to move its core trading systems to the cloud.
The Wall Street Journal was the first to publish the news, stating that the IT giant will give cloud services to CME for "power markets that process trillions of dollars in deals every day." A ten-year partnership has been agreed upon by the two sides.
CME will work to onboard new customers more quickly and develop new services using Google technologies, like artificial intelligence tools. Most individuals may not be familiar with CME because it is not as well-known as its new partner, Google. It is, however, a very huge and wealthy corporation. CME is the largest exchange operator in the world, with a market capitalization of about $80 billion.
When it first released its Bitcoin futures trading product in 2017, the company entered the crypto industry. Since then, the firm has enabled transactions for a number of major institutions, including BlackRock, the world's largest asset manager.
CME has also started trading Ethereum futures and has recently announced the availability of Micro Ether Futures contracts. Google Cloud, on the other hand, was the fourth-largest cloud provider last year, with 6.1 percent of the global market share.
As a result, this collaboration is significant for both sides. It's another step forward for Google in pursuing what appears to be a growing interest in the financial services business. CME, on the other hand, aims to employ Google's data analytics and machine learning skills to broaden market access, improve resilience, and shorten time to market for new products.
Also Read: What is Elon Musk's opinion on the Shiba Inu Coin? Is He interested in shiba inu coin
"Through technology, CME Group will modernize derivatives markets, increasing access and efficiencies for all market players," says Terry Duffy, chairman, and CEO of CME Group. "We will work together with clients to adopt a phased approach to guarantee a smooth transition."
This cooperation will allow CME Group to bring new goods and services to market more quickly, all while maintaining a flexible and adaptable environment that will provide the marketplace with a diverse range of choices."
Let's get started with Google!
Now, I'm not sure if you heard, but Google Pay recently announced a cooperation with a digital asset marketplace. And this could be another chance for Shiba Inu to gather even more ferocious momentum by establishing a presence in additional countries around the world.
According to Yahoo Finance, Bakkt, a trusted digital asset marketplace that allows users to buy, sell, send, and spend digital assets, announced a partnership with Google today to broaden the reach and use of digital assets in order to satisfy rapidly growing consumer demand and preferences.
Bakkt users will be able to use Google Pay with their virtual Bakkt Visa Debit Card (Bakkt Card) to purchase everyday things and services online, in stores, or wherever else Google Pay is accepted. Digital assets such as Bitcoin will be converted to fiat currency in order for these transfers to take effect.
Bakkt has also stated that Google Cloud will be its cloud supplier. Google has also announced that it will market its Google Cloud-based solutions to well-known retailers and merchants.
"This relationship is a testament to Bakkt's strong position in the digital asset marketplace, to empower consumers to enjoy their digital assets in a real-time, secure, and dependable manner," stated Gavin Michael, CEO of Bakkt. "Working with Google Cloud will also enable us to continue building a best-in-class, innovative platform that can scale to meet the needs of millions of users," says the company. "Google Cloud has been at the forefront of driving digital commerce, enabling a wide range of stores and merchants," said Kirsten Kliphouse, Google Cloud's North American President.
"We are honored to assist Bakkt in accelerating and scaling the availability of their breakthrough solutions, which are made possible by our technologies." Bakkt is a trustworthy digital asset marketplace that allows institutions and individuals to buy, sell, store, and spend digital assets.
For those unfamiliar with Bakkt, it is a secure digital asset marketplace where institutions and individuals may purchase, sell, store, and spend digital assets. The Intercontinental Exchange, which runs the New York Stock Exchange, backs the corporation and has a lot of clouts.
Bakkt intends to compete with industry heavyweights like Robinhood and Coinbase by combining popular features, loyalty programs, and Venmo-type payment alternatives that are currently unavailable on most exchanges.
As a result of these new tools and incentives, Bakkt will be able to obtain a significant market share of new crypto investors and will be able to surpass its competitors. Among the most tempting incentives are Bakkt's rewards and loyalty programs, which include Starbucks, Chipotle, Marriott Hotels, and Alaskan Airlines.
The Bakkt app is a one-stop-shop for cryptocurrency lovers who wish to trade Bitcoin commission-free, manage all of their gift cards, spend reward points, and send and receive other cryptos via a built-in wallet. The app's services are also available to institutional investors. It offers users Bitcoin futures and options trading, among other things.
Because Bakkt is completely regulated and transparent, many institutional investors prefer to use it to gain exposure to Bitcoin. Bakkt is a Bitcoin-only platform. However, the software may look into other digital currencies in the future.
And there's no reason Bakkt won't consider listing Shiba Inu if its popularity continues. Consider what that might entail for Shiba Inu: a slew of private and institutional investors. Of course, there's mainstream adoption! Traditional investors who are prepared to take a chance on Shiba Inu but are unfamiliar with the crypto market will be able to invest in SHIB through Bakkt.
Besides, Bakkt has all the necessary incentives to attract tons of investors to Shiba Inu if SHIB gets listed. In fact, a Bakkt listing might be much better than Robinhood for Shiba Inu. But that’s an article for another day. Let’s get back on topic.
Alright, let’s get to Google Pay. Now, we have tons of Shiba Inu holders who are also Android users, which means that there are many SHIB holders who make use of Google’s services, including Google Pay. And all these holders have to do is download the Bakkt app and they will be able to pay for their purchases with Google Pay.
This is great news for Shiba Inu because as more individuals trade with SHIB, trade volumes increase, pushing SHIB prices upward. It also promotes Shiba Inu adoption. Google Pay may not be the most popular payment method, but it is available in over 40 countries and has over 100 million users worldwide. That is absolutely remarkable.
We've already secured a relationship with NowPayments.io, which has allowed Shiba Inu to be accepted as a form of payment in more than 50 companies in Venezuela, with more on the way.
This collaboration between Google and Bakkt has the potential to propel SHIB into the mainstream of finance. Consider how we might be able to do the same thing with Apple Pay and other payment giants like Visa and Mastercard. Consider the implications for Shiba Inu.
Apple Pay today has over 500 million users and accounts for roughly 45 percent of all mobile payments. It's also accepted at over 85 percent of businesses and merchants around the world, and it's available in 63 countries. The possibilities are mind-boggling! For one thing, the Google-Bakkt cooperation adds yet another use case for Shiba Inu.
For a long time, SHIB bears have maintained that the crypto's lack of real-world utility is the reason it would fail. However, as more large-scale institutions, such as Google, enter the crypto market, we are seeing additional use cases for the token.
Shiba Inu is now not only used to pay for products and services but it may also be utilized to pay salary. As a result, this is quite positive for Shiba Inu, and we expect to see more partnerships like this in the future, which will help the token grow. If this occurs, it'll be SHIB to the moon!
Disclaimer: The information in this post is not intended to be taken as investment, financial, trading, or other types of advice, and you should not treat any of it as such. This article's information is provided solely for educational purposes and should not be construed as financial advice.
Sources: crypto potato, finance.yahoo