Google has invested $1.5 billion in cryptocurrencies and blockchain

Blockchain cryptocurrency technology is becoming more and more popular among internet giants.

The parent company of the internet giant Google Alphabet - compared to any other publicly listed company, it spent the most capital on the development of the blockchain industry, investing 1.5 billion dollars in it between September 2021 and June 2022. BlackRock and Morgan Stanley also invested a lot funds in cryptocurrency companies. Each of these entities earmarked approximately $ 1.1 billion for this purpose. The next on the list was Samsung, which spent less than $ 980 million on investments. It is interesting that entities offering NFT solutions were the most popular.

Google spent three times more on blockchain investments than in 2021.

In a blog post published by Blockdata on August 17, Alphabet (Google) presents itself as the deepest pocket investor compared to 40 other corporations investing in blockchain and cryptocurrency companies during this period. The company has invested $ 1.5 billion in space, focusing on four blockchain companies, including Fireblocks digital asset storage platform, Web3 gaming company Dapper Labs, Bitcoin Voltage infrastructure tool and venture capital company Digital Currency Group. This is in stark contrast to last year when Google diversified its much smaller $ 601.4 million financial effort into 17 blockchain-based companies that included (again) Dapper Labs, along with Alchemy, Blockchain.com, Celo, Helium. and Ripple.

Google's increased investment in the blockchain industry is in line with decisions by 40 other publicly traded companies - a total of $ 6 billion was invested during this time, compared to $ 1.9 billion between January 2021 and September 2021 and $ 506 million throughout 2020. Other major corporate investors include asset management firm BlackRock, which invested $ 1.17 billion, Morgan Stanley invested $ 1.11 billion, and electronics company Samsung, which invested a total of $ 979.2 million.

Companies offering NFT among the most popular investments

Investors such as Google, Morgan Stanley and BlackRock took a more focused approach, investing in just two to three companies during this period. However, Samsung was by far the most active investor having invested in 13 different entities. The data also showed that companies offering some form of non-fungible token (NFT) solutions were the most popular investments. Many of them belong to industries such as gaming, arts and entertainment, and distributed ledger technology (DLT), the report said.

The remaining investments have been split between companies providing Blockchain-as-a-Service (BaaS), infrastructure, smart contract platforms, scaling solutions, and digital asset storage platforms.

The data also showed that banks began increasing their exposure to cryptocurrency and blockchain companies, driven by an increase in customer demand for cryptocurrency services. Among the banks that are on the top list of cryptocurrency investors are United Overseas Bank, Commonwealth Bank of Australia and BNY Mellon.