Derivatives Trading Giant CME Group to Test Tokenization with Google Cloud
The two giants' move underscores the red-hot tokenization trend that has captivated crypto firms and traditional financial firms. Global asset managers and banks are increasingly exploring ways to use blockchains rails for moving traditional financial instruments such as funds, bonds and other securities. They do so to pursue efficiency gains and faster, cheaper and around-the-clock settlements. Tokenized assets could grow to multitrillion-dollar market by the end of the decade, according to several industry reports from BCG, McKinsey and Bernstein.
"As the President and new Administration have encouraged Congress to create landmark legislation for common-sense market structure, we are pleased to partner with Google Cloud to enable innovative solutions for low-cost, digital transfer of value," said Terry Duffy, CME Group Chairman and Chief Executive Officer. "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."
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