Google Cloud and derivatives marketplace CME Group said they are piloting solutions for wholesale payments and tokenization of assets. The GCUL distributed ledger is designed to simplify the management of accounts and assets, facilitate transfers on a private and permissioned network, and be easily integrated and used by financial institutions in traditional finance, according to the release.
“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,” CME Group Chairman and CEO Terry Duffy said in the release. Rohit Bhat, general manager, financial services at Google Cloud, said in the release that the partnership with CME Group to develop this solution demonstrates how “Google Cloud helps partners transform their businesses through strategic collaborations and modern infrastructure, unlocking significant opportunities for the global financial market.”