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Google Invests Over $1.5 Billion Into Blockchain Companies In 10 Months

Google Invests Over $1.5 Billion Into Blockchain Companies In 10 Months

Google Invests Over $1.5 Billion Into Blockchain Companies In 10 Months

Google Invests Over $1.5 Billion Into Blockchain Companies In 10 Months

Between September 2021 and June 2022, Alphabet, the parent company of Google, invested more than $1.5 billion in businesses with a focus on blockchain technology.

This is supported by statistics from Blockdata, a blockchain research company, which ranked 40 of the top 100 public firms based on the amount of money they had invested in blockchain technology over the relevant period.

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Comparatively speaking, Alphabet invested the most money into the blockchain sector than any other publicly traded corporation. BlackRock and Morgan Stanley both made investments in the same time period totaling $1.17 billion and $1.11 billion, respectively.

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Google Invests Over $1.5 Billion Into Blockchain Companies In 10 Months

Alphabet (Google) was identified as the investor with the largest sum of money compared to the top 40 public firms investing in blockchain and cryptocurrency companies during the period in an updated blog post released by Blockdata on Wednesday. Between September 2021 and June 2022, 40 firms invested a combined $6 billion in blockchain startups.

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What you should know

  • Alphabet has invested $1.5 billion into the space, concentrating on four blockchain companies including digital asset custody platform Fireblocks, Web3 gaming company Dapper Labs, Bitcoin infrastructure tool voltage and venture capital company Digital Currency Group.
  • This is in stark contrast to last year when Google diversified its much smaller $601.4 million funding effort across 17 blockchain-based companies, which again included Dapper Labs, along with Alchemy, Blockchain.com, Celo, Helium and Ripple.

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  • Google’s increased investment into the blockchain industry is consistent with the other top 40 publicly traded companies, with $6 billion in total being invested during this time, compared to $1.9 billion between Jan. 2021 to Sep. 2021 and $506 million in all of 2020.
  • Like Google, Morgan Stanley and BlackRock adopted a more concentrated approach investing in only two to three companies during the period. However, Samsung was by far the most active investor having invested in 13 different companies.

    Google Invests Over $1.5 Billion Into Blockchain Companies In 10 Months

     

  • The data also found that companies offering some form of nonfungible token (NFT) solutions have been the most popular investment. The report reads, “Many of these belong to industries such as gaming, arts & entertainment, and distributed ledger technology (DLT).”
  • The remaining investments have been split between companies that provide Blockchain-as-a-Service (BaaS), infrastructure, smart contract platforms, scaling solutions and digital asset custody platforms.

The data also found that banks have started to increase their exposure to crypto and blockchain companies, driven by an increase in client demand for crypto services. Among the banks finding themselves on the top list of crypto investors are, United Overseas Bank, Commonwealth Bank of Australia and BNY Mellon.


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IBEH C. JOE

Financial analyst, Entrepreneur, Blogger and Business model

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