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Google and CME Collaborate on Cutting-Edge Facility for Cloud Trading

Google and CME Collaborate on Cutting-Edge Facility for Cloud Trading

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Google, a division of Alphabet Inc., is working with CME Group Inc. to build an innovative cloud computing system with the goal of moving futures and options trading on the cloud. Their 10-year cooperation, which was started in 2021, took a big step forward with the announcement of this noteworthy development on Wednesday.

Location and Facility Development

Google and CME Collaborate on Cutting-Edge Facility for Cloud Trading

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The present CME information centre located in Aurora, Illinois will be developed alongside the brand-new cloud and colocation sites. This choice was made because traders and high-speed trading companies would rather maintain their business operations in the Chicago region rather than incur the expenses and inconveniences of moving. Later this year, construction is expected to start, and the changeover will take place gradually.

Strategic Collaboration and Investment

Google gave CME a one-billion-dollar equity investment during the course of their partnership. Through this partnership, CME will be able to take advantage of Google’s cloud services, which include data analytics as well as artificial intelligence tools. chief executive officer of CME Terry Duffy claims that by combining specialized cloud-based services with current infrastructure, this endeavour would reduce customer disturbance and maximize productivity. Future Plans and Continuity of Operations.

Clients were promised by CME an 18-month notice period prior to market migration to the brand-new platform. The cash markets of the corporation will not move to the cloud; instead, they will continue to function out of their current locations. To improve trade efficiency, the matching engine—which is crucial for connecting buyers and sellers, will relocate to the cloud.

Comparisons and Trends in the Industry

The action fits in with larger industry trends, which show that exchanges are progressively implementing cloud-based technologies in order to cut expenses and boost productivity. To improve information resources and incorporate cloud services, for example, Cboe Global Markets Inc. in Chicago as well as Nasdaq Inc. have partnered with Amazon.com Inc., along with Snowflake Inc., as well, in comparable initiatives.

Also Read: Salesforce Challenger Creatio Hits Unicorn Status with $200 Million Funding

In summary

The new building from Google and CME represents a significant turn toward cloud-based trading. Through its close connection to Chicago’s trading network and utilization of Google’s cloud technologies, CME hopes to provide enhanced trading effectiveness and creativity with the least amount of disturbance to its clients.

Salesforce Challenger Creatio Hits Unicorn Status with $200 Million Funding

Salesforce Challenger Creatio Hits Unicorn Status with $200 Million Funding

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Creatio, a low-code software platform for customer relationship management (CRM), has emerged as a formidable competitor to industry giant Salesforce. On Wednesday, the company announced that it had secured $200 million in a new funding round, catapulting its valuation to $1.2 billion and earning it the coveted “unicorn” status. This significant milestone underscores Creatio’s rapid growth and the increasing demand for low-code solutions in the business sector.

A Rapid Ascent

Salesforce Challenger Creatio Hits Unicorn Status with $200 Million Funding

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Founded in 2014, Creatio has swiftly established itself in the CRM market, employing 700 people across seven global offices, including key locations in Poland and Ukraine. Despite its relatively short history, the company has managed to attract an impressive roster of clients, including major enterprises such as Coca-Cola and MetLife. 

The latest funding round was spearheaded by Sapphire Ventures, with additional participation from StepStone Group and existing investors Volition Capital and Horizon Capital. This influx of capital follows several years of impressive revenue growth for Creatio, with annual increases of around 50%.

Katherine Kostereva, the founder and CEO of Creatio, expressed optimism about the company’s financial health and future prospects. “Creatio’s underlying low-code automation platform provides this freedom to automate your workflows on the fly,” Kostereva noted. She emphasized that the company is cash flow break-even and capital efficient, attributing their success to their innovative platform and strategic management.

Strategic Growth and Technological Innovation

Creatio’s journey to becoming a unicorn has been marked by strategic growth and technological innovation. After years of bootstrapping, the company raised $68 million in 2021. This latest funding round is set to accelerate its product development further, with a particular focus on integrating generative artificial intelligence (AI) to enhance automation in marketing and sales-related tasks.

Rajeev Dham, managing director at Sapphire Ventures, highlighted Creatio’s distinctive approach in the low-code market. “They aren’t just a general-purpose no-code platform. They are no-code with an architecturally flexible backend, while focusing on a pretty big market,” Dham said. This strategic focus on specific business processes sets Creatio apart from other low-code and no-code startups, which have seen a cooling down from the funding frenzy of 2021.

Also Read: EU Hits Microsoft with Antitrust Charges for Teams Bundling

Future Outlook

Despite not yet turning a profit, Creatio’s robust revenue growth and strategic positioning have positioned it well for future success. The company plans to leverage the new funding to enhance its technological capabilities and expand its market reach. By focusing on specific business processes and maintaining control over its strategy, Creatio aims to continue its rapid ascent in the competitive CRM market.

As low-code platforms continue to gain traction, Creatio’s success story serves as a testament to the potential of targeted innovation and strategic growth. With its recent funding and the continued support of its investors, Creatio is well on its way to becoming a major player in the CRM industry.

EU Hits Microsoft with Antitrust Charges for Teams Bundling

EU Hits Microsoft with Antitrust Charges for Teams Bundling

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Microsoft has been accused by the European Union of breaking competition laws by illegally combining its Teams chat program with Office 365 and other Microsoft 365 subscriptions. This is the very first antitrust lawsuit Microsoft has faced in the European Union in fifteen years, after challenges regarding the bundling of Internet Explorer together with Windows Media Player.

Charge Specifications

EU Hits Microsoft with Antitrust Charges for Teams Bundling

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The European Commission declared its initial assessment that Microsoft violated EU competition laws by linking its Teams offering to its well-liked Office 365 and Microsoft 365 productivity suites. The European Union expressed its worries in an announcement of objections, citing the perception that Teams’ bundling gives them an unfair advantage over rivals.

Microsoft's Reaction

Microsoft separated Teams from Office 365 in Europe in the previous year in response to the inquiry, and it later released the program as a stand-alone worldwide.  Despite the efforts shown by Microsoft to correct it, The European Commission remains worried. President Brad Smith of Microsoft has stated that the organization is ready to cooperate with the Commission and will endeavour to resolve its outstanding issues.

The Investigation's Beginnings

The antitrust inquiry got underway in July 2020 as a result of a Slack complaint.

Microsoft allegedly "illegally tied" Teams to Office, "forcibly installed it for millions of users, prevented its removal, and concealed the true cost to enterprise customers,"

theverge.com

according to Slack. Salesforce, the parent company of Slack, applauded the Commission’s conclusions, viewing them as a win for consumer choice and market competition.

Possible Repercussions

Should Microsoft be found in breach of antitrust laws, the company may be fined up to ten percent of its yearly global revenue. Like in previous years, the European Commission can additionally implement measures to guarantee equal competition. Microsoft was forced to create a variant of Windows with no Media Player in 2004 and add a browser ballot box to Windows in 2009 so that customers could select their preferred web browser.

Also Read: MiddleGame Ventures Hits €55M Milestone Towards €150M Fintech Fund

Final Thoughts

The accusations made against Microsoft highlight the continuous regulatory examination of big tech’s business practices. The investigation’s potential findings might have a big impact on Microsoft and the tech sector as a whole, reaffirming the European Union’s dedication to encouraging customer choice as well as competition in the world of technology.

 
MiddleGame Ventures Hits €55M Milestone Towards €150M Fintech Fund

MiddleGame Ventures Hits €55M Milestone Towards €150M Fintech Fund

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MiddleGame Ventures (MGV), a prominent Luxembourg-based venture capital firm, has successfully secured €55 million in the initial closing of its third early-stage investment fund. The fund aims for a final close of €150 million by early 2025, targeting innovative FinTech companies across Europe.

Focus on Early-Stage Financial Innovation

MiddleGame Ventures Hits €55M Milestone Towards €150M Fintech Fund

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The new fund will concentrate on post-seed, Series A, and Series B investment stages, targeting companies in both well-established and emerging financial service sectors. This includes areas like deep-tech and cybersecurity, which complement the FinTech landscape. MGV’s approach highlights its belief in the transformative potential of FinTech innovations to reshape the financial services industry.

“We are grateful for the support of our investors,” said Pascal Bouvier, Co-Managing Partner at MGV. “We believe that financial services are on the cusp of a wave of unprecedented innovation. This transition will enable seamless business models to emerge, removing friction and paving the way for entrepreneurs to build substantial long-term businesses.”

Support from Prominent Investors

The fund has garnered commitments from notable investors such as the European Investment Fund (EIF), the Ireland Strategic Investment Fund (ISIF), S&P Global, and the Luxembourg Future Fund (LFF). Additionally, new and existing family offices across Europe and the United States have pledged their support.

Marjut Falkstedt, Chief Executive of the EIF, emphasized the importance of FinTech in driving financial innovation. “Fintech companies are at the forefront of financial innovation by developing new digital solutions. We are glad to renew our collaboration with MiddleGame Ventures to support European entrepreneurs and contribute to the digital transition of the financial sector.”

Brian O’Connor from ISIF also highlighted the fund’s potential to support Irish businesses and contribute to the growth of the European FinTech sector. Sally Moore from S&P Global echoed these sentiments, underscoring the value of collaborating with innovative FinTech firms.

Building on a Strong Track Record

MGV has a proven history of supporting successful early-stage FinTech ventures. Some notable investments from their previous funds include Wayflyer, Keyrock, Ripple, and DriveWealth. The firm leverages its expertise to guide entrepreneurs through the complexities of the growth stage, which they refer to as the “MiddleGame.”

Also Read: Net Zero Secures $5.5M Seed Funding for Blockchain Carbon Removal Token

With the initial closing secured and several new investments on the horizon, MGV’s third fund is poised to play a significant role in shaping the future of European FinTech. The focus on early-stage innovation and strong backing from prominent investors suggest that MGV will be a key player in supporting the next generation of FinTech companies transforming the financial services landscape.

Despite a recent decline in investor appetite within the FinTech sector, MGV’s successful initial closing indicates continued interest in early-stage companies with the potential to disrupt and reshape the financial services industry. The coming months will reveal which innovative FinTech startups MGV chooses to support and how these investments will contribute to the evolution of the European financial landscape.

Net Zero Secures $5.5M Seed Funding for Blockchain Carbon Removal Token

Net Zero Secures $5.5M Seed Funding for Blockchain Carbon Removal Token

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The carbon removal company based in Stockholm Net Zero Company has closed a $5.5 million Seed fundraising round. Håkan Nordkvist, the organization’s chief executive officer, pioneered sustainability development within the IKEA Group and advised various esteemed organizations before the business’s establishment in 2022.

Token for Carbon Removal (CRT)

Net Zero Secures $5.5M Seed Funding for Blockchain Carbon Removal Token

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In order to meet the anticipated requirement for 3 billion tonnes of carbon removal by 2030, the firm has launched the Carbon Removal Token (CRT). CRT improves, transparency, security, and traceability in carbon credit marketplaces and is based on the blockchain powered by Ethereum. Verifiable ecological effects, complete traceability of each tonne of absorbed carbon dioxide, and verified project backing are important elements.

Partnerships Strategic

To further its goals, Net Zero Company has forged strategic alliances with financial institutions like Metaco/Ripple and industry titans like Microsoft. These partnerships are essential for utilizing cutting-edge technologies to guarantee the CRT’s resilience and scalability.

Funding Application

The recently obtained $5.5 million will help Net Zero Company expand internationally and provide a new line of products, which includes the CRT. The business’s attempts to fulfil the anticipated demand for considerable carbon reductions by 2030 will be strengthened by this funding.

The study

The successful investment of Net Zero Company and the launch of the Carbon Removal Token (CRT) have the potential to completely transform the carbon credit markets by increasing involvement and transparency. Trust in environmental initiatives is largely dependent on security as well as traceability, which are ensured by the CRT’s interface with the Ethereum blockchain. Technology and financial collaborators such as Microsoft along with Metaco/Ripple stand to gain directly from this advancement, which strengthens their sustainability strategies. On the other hand, there might be more rivalry for established providers of carbon credits. In the near future, the CRT could have an impact on quicker product development and growth in the market; in the long run, however, it could revolutionize carbon removal and influence worldwide environmental policies and investment strategies.

Also Read: Top 5 Ways to Find Out If Someone Has Remote Access to Your iPhone.

The Ethereum Blockchain is a distributed smart contract network that enables safe, transparent, and middleman-free transactions. Ethereum offers the technological framework necessary to guarantee the credibility of carbon credit transactions and the validity of each token in the context of CRT.

Metaco/Ripple: This is a strategic alliance between the real-time gross settlement system, exchange of currencies, and repatriation network Ripple and the technology company Metaco, which specializes in safe infrastructure for digital assets. Through this agreement, Net Zero Company will be able to integrate cutting-edge financial technologies to improve CRT’s security and functionality.

Meta Introduces AI Chatbot Across Facebook, WhatsApp, and Instagram in India

Meta Introduces AI Chatbot Across Facebook, WhatsApp, and Instagram in India

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Meta has announced the formal rollout of its generative Artificial Intelligence (gen AI) chatbot, Meta AI, for users in India. Following successful tests earlier this year, the AI-powered assistant is now being gradually introduced on WhatsApp, Instagram, and Facebook (including the Messenger app). The complete rollout is expected to be achieved before this weekend, allowing all users across these platforms to access the advanced capabilities of Meta AI.

Introducing Meta AI: A New Digital Assistant

Meta Introduces AI Chatbot Across Facebook, WhatsApp, and Instagram in India

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Meta AI is powered by the latest iteration of the Large Language Model Meta AI, known as Llama 3. This advanced AI engine enables the chatbot to comprehend complex user queries and provide real-time, easily understandable information. Its capabilities extend beyond basic responses, offering features such as trip planning assistance and text-to-image generation.

For instance, users planning a monsoon getaway can simply mention @Meta AI in a group chat and request a trip itinerary for a specific destination. Within seconds, the chatbot can generate detailed travel plans, suggesting activities, accommodations, and local attractions, making group planning both efficient and enjoyable.

Creative Features: From Digital Art to Fun Memes

One of the standout features of Meta AI is its ability to generate images from text descriptions, powered by the Emu image synthesis model. This Imagine feature allows users to create various forms of digital art effortlessly. Whether it’s designing themed invitations for a child’s birthday party or crafting unique digital artwork, Meta AI makes it easy.

Users can also use Meta AI to generate fun memes or transform ordinary 2D photos into animated or brush-painted artworks. This versatility provides a platform for users to explore their creativity and share their creations instantly on social media.

Impact on User Engagement

The introduction of Meta AI is set to enhance user engagement across Meta’s platforms by providing both functional and creative tools at users’ fingertips. The AI’s ability to deliver tailored travel suggestions, design custom digital art, and facilitate creative social media interactions reflects Meta’s commitment to integrating advanced AI technologies into everyday digital communication.

Also Read: Prajogo Pangestu: Building a Billion-Dollar Empire in Indonesia

As Meta AI continues to roll out across India, users can look forward to exploring its diverse capabilities, making their online interactions more dynamic and enjoyable. The phased introduction ensures a smooth transition, with all users expected to have access to the new AI assistant shortly, promising an enriched digital experience across Meta’s suite of apps.