In a move to enhance their transformative collaboration, CME Group and Google Cloud have revealed that they are testing solutions aimed at facilitating secure and efficient wholesale payments as well as the tokenization of assets. CME Group has successfully finished the initial phase of integrating and testing the Google Cloud Universal Ledger (GCUL), an innovative distributed ledger developed by Google Cloud.

“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. “Our core mission is to provide our partners with the most advanced infrastructure, and cutting- edge technology empowering them to accelerate innovation, drive efficiencies, and overcome the complexities inherent in today’s financial systems,” said Rohit Bhat, General Manager, Financial Services, Google Cloud

GCUL represents a cutting-edge, programmable distributed ledger that is tailored for seamless integration and use by financial institutions within the traditional finance sector. It streamlines the administration of accounts and assets while enabling transfers on a secure and permission network. This collaborative platform allows participants to utilize their fundamental strengths and introduce services that cater to changing client needs, thereby improving overall user experiences. Later this year, CME Group and Google Cloud will commence direct testing with market participants, aiming to introduce new business operations by 2026.