Google is Stepping into Blockchain! Makes US$1.5B Investment

Google is Stepping into Blockchain! Makes US$1.5B Investment

Google makes a grand entrance in the Blockchain industry with a US$1.5B Investment

Google's parent company Alphabet has revealed that it invested US$1.5 billion in the blockchain sector between September 2021, and June 2022, according to Cointelegraph. As revealed by Blockdata, through a blog post, Alphabet was revealed as the investor with high capital backing, in comparison to the top 40 public companies which invested in blockchain and cryptocurrency companies during the period.

As stated by Cointelegraph, Alphabet's blockchain-oriented investment concerned four blockchain companies including digital asset custody platform Fireblocks, Web3.0 gaming company Dapper Labs, Bitcoin infrastructure tool Voltage, and venture capital company Digital Currency Group. These developments have been revealed in comparison to last year when Google invested US$601.4 million in funding efforts across 17 blockchain-based companies, which included Dapper Labs, Alchemy, Blockchain.com, Celo, Helium, and Ripple. Increasing investment of Google has been considered consistent with the top 40 publicly traded companies, with six billion dollars being invested during the time compared to US$1.9 billion between January 2021, to September 2021, and US$506 million in the whole of 2020.

Based on information from Cointelegraph, other corporate investors such as asset management company BlackRock invested US$1.17 billion, investment banking corporation Morgan Stanley invested US$1.11 billion, and electronics company Samsung, with investments adding up to US$979.2 million. While Morgan Stanley and BlackRock invested in two or three companies, Samsung invested in 13 different companies during that period. The rest of the investments were split between companies that provide Blockchain-as-a-Service (BaaS), infrastructure, smart contract platforms, scaling solutions, and digital asset custody platforms. Analysis of data also found that banks have started to increase their exposure to cryptocurrency and blockchain companies, backed by an increase in client demand for cryptocurrency services. Banks that have been included in the list of cryptocurrency investors include United Overseas Bank, Commonwealth Bank of Australia, and BNY Mellon.

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