Alphabet, Google’s parent company, has designated the majority of its funding for the blockchain business rather than any other public platform. According to an unprecedented report, it has spent an extraordinary number of $1.5B from September 2021 to June 2022. Blockdata updated its blog on August 17th, stating that Alphabet has been a significant investment in this regard.
Google Significantly Increases Its Blockchain Investments
It also identified that the company has invested significantly more than the other major 40 public entities that have invested in crypto and blockchain-based firms during the same time period.
The platform spent roughly $1.5 billion in the industry, focusing on four blockchain venues: Digital Currency Group (a private equity organization), Voltage (a Bitcoin infrastructural instrument), Dapper Labs (a Web3-based gaming firm), and Fireblocks (a forum for the custody of digital assets).
This is in stark contrast to the preceding year, when Google made a somewhat modest investment, allocating up to $601.4M to 17 blockchain-based firms, including Ripple, Helium, Celo, Blockchain.com Alchemy, and Dapper Labs. Google’s economic expansion in the blockchain sector is commensurate with the rest of the well-known forty publicly traded corporations, with an overall investment of $6 billion at the moment.
BlackRock (an asset management platform) is another important business shareholder, having invested $1.17 billion.
Morgan Stanley is another player, having invested $1.11 billion in Samsung (an electronic firm). Similar to Google, BlackRock and Morgan Stanley took a more determined approach, investing in only two or three companies during the same time span.
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However, Samsung was seen as a very active investor, having invested in 13 different platforms. The study also revealed that organizations offering solutions connected to non-fungible tokens (NFTs) have grown in popularity in terms of investment. Seven of them are related to businesses such as entertainment and arts gaming, and distributed ledger technology (DLT).
The remaining investments have been designated for companies that provide infrastructure, Blockchain-as-a-Service, scaling solutions, smart contracts, and technology platform safekeeping. The data also revealed that banks have begun to have some exposure to blockchain and crypto startups in response to rising customer requirements for crypto products.