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Since September, Google has spent a staggering $1.5 billion on blockchain business and projects

Google for Crypto
Google for Crypto / Image Credit: CRYPKYP
1660720702 17 Aug / 07:18

According to a study by Blockdata, other significant corporate investors include BlackRock, Morgan Stanley, Samsung, and Goldman Sachs.

A recent analysis reveals that between September 2021 and June 2022, Alphabet, the parent company of Google, invested the most cash in the blockchain business of any other public firm, $1.5 billion.

In an updated blog post released by Blockdata on Wednesday, Alphabet (Google) was identified as the investor with the most significant funds among the top 40 public organizations investing in blockchain and cryptocurrency startups.

The business invested $1.5 billion in the blockchain industry, focusing on four companies: digital asset custody platform Fireblocks, Web3 game developer Dapper Labs, Bitcoin infrastructure tool Voltage, and venture capital firm Digital Currency Group.

This is in sharp contrast to the previous year, when Google distributed a considerably smaller $601.4 million across 17 blockchain-based firms, including Dapper Labs, Alchemy,, Celo, Helium, and Ripple.

Google’s increasing investment in the blockchain business is comparable to that of the top 40 publicly listed corporations, with a total investment of $6 billion, compared to $1.9 billion from January to September 2021 and $506 million for the entire year of 2020.

BlackRock, which contributed $1.17 billion, Morgan Stanley, which invested $1.11 billion, and Samsung, which spent a total of $979.2 million, are the other major corporations that have invested.

Like Google, Morgan Stanley and BlackRock followed a more concentrated approach throughout the era by investing in only two or three startups. Samsung was the most active investor, having invested in thirteen different firms.

The data also revealed that the most popular investments have been in firms that offer nonfungible token (NFT) solutions of some kind:

These businesses include gaming, arts and entertainment, and distributed ledger technology (DLT).

The remaining investments have been allocated to Blockchain-as-a-Service (BaaS), infrastructure, smart contract platforms, scaling solutions, and digital asset custody platforms.

The research also revealed that banks have begun to boost their exposure to crypto and blockchain startups in response to the rising demand for crypto services. United Overseas Bank, Commonwealth Bank of Australia, and BNY Mellon are the banks with the highest proportion of crypto investors.

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