Google’s parent company, Alphabet, has allocated the vast majority of its financial resources to the blockchain sector, rather than any other public network. A special report reveals that the company invested a massive $1.5 billion between September 2021 and June 2022. On August 17th, Blockdata announced on its blog that Alphabet has been a key investor in the space.
Google Is Putting a Lot More Money Into Blockchain.
It went on to say that compared to the other 40 major public organizations investing in blockchain and cryptocurrency startups during the same time period, the company has allocated significantly more capital.
The platform poured nearly $1.5 billion into the industry, mostly into four blockchain venues like the venture capital firm Digital Currency Group, the Bitcoin infrastructure instrument Voltage, the Web3 gaming company Dapper Labs, and the cryptocurrency exchange Fireblocks (a forum for the custody of digital assets).
In comparison, Google spent up to $601.4M on 17 blockchain-based startups last year, including Ripple, Helium, Celo, Blockchain.com Alchemy, and Dapper Labs. This is a significant increase from the previous year. With a total investment of $6 billion at present, Google’s increased investment efforts into the blockchain sector are on par with the rest of the well-known forty publicly traded companies.
BlackRock (an asset management platform) is another major corporate investor, with a 1.17B investment. Morgan Stanley is another major stakeholder due to its $1.11B investment in Samsung (an electronic firm). BlackRock and Morgan Stanley, in the same vein as Google, took a more focused strategy by investing in only a few of companies during this time.
Forcing the Hand of the Community, Financial Institutions Embrace Crypto Services
Although, Samsung was viewed as a very active investor, having invested in 13 separate platforms. The data have also highlighted the growing popularity of investing in businesses that offer solutions with non-fungible tokens (NFTs). Seven of them have to do with fields like the arts, games, and distributed ledgers (DLT).
The remaining funds will go to businesses that provide services like Blockchain as a service, scalability, smart contracts, and digital asset custody. Due to the rising demand from customers, the data also showed that banks have begun to have exposure towards blockchain and cryptocurrency enterprises.
