CME Group, the world’s leading and diverse derivatives marketplace allowing people to manage risk, has been confirmed to have investment in Ripple Labs Inc.
As confirmed on the official page of the global market company, CME Group listed Ripple as part of the companies it has a stake in. The group invested in the Silicon Valley-based tech company via its subsidiary company CME Ventures LLC.
CME Group, on the page, stated that it identifies the need to foster innovation within and outside its company as an important task.
As revealed, CME group has minority stake investment in 11 companies, amongst them is Ripple. Other companies on the list include Wickr, Sparkcognition, Power Lytics and 1Qbit, among others.
The financial exchange which has the widest range of global benchmark products claims that it enjoys investing in early-stage technology companies that have the capacity of impacting CME Group’s business in the longer term.
CME Group has a settlement and clearing exchange trade platform known as CME Clearing.
Ripple Labs Raised $28 Million from CME Group, Seagate and others
The global market company had invested in Ripple as far back as 2015. The blockchain-based company that specializes in cross border remittance, in May 2015, declared that it raised a whopping $28 million in Series A financing via a number of companies like CME Group, Seagate and others.
Other important companies that took part in the round include IDG Capital Partners, China Growth Capital, AME Cloud Ventures, ChinaRock Capital Management, and some others.
Then, the Executive Director at CME Group, Rumi Morales said the company joined the funding round to signify its dedication in transforming the industry via innovation and technology.
CME Group Executive Joins Ripple as Head of XRP Markets
In November 2016, Ripple announced the onboarding of an executive officer at CME Group, Miguel Vias. Then, Vias joined Ripple as the head of XRP markets with the role of strengthening the token markets and ensuring large-scale institutional adoption of the technology.
At CME Group, Vias was the global head of precious metals and metal options, and srved at Morgan Stanley, Bank of America, and Mitsui before joining CME Group.