According to a recent research, Alphabet, Google’s parent company, invested the most cash in the blockchain business compared to any other public firm, spending $1.5 billion between September 2021 and June 2022.
In an updated blog post by Blockdata on Wednesday, Alphabet (Google) was identified as the investor with the most significant funds among the top 40 public organisations 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 among 17 blockchain-based firms, including Dapper Labs, Alchemy, Blockchain.com, 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 whole 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 focused strategy throughout the era by investing in just 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 provide nonfungible token (NFT) solutions of some kind:
These businesses include gaming, arts and entertainment, and distributed ledger technology (DLT). The rest of the funding has been allocated to companies offering various types of Blockchain-related services, including those that serve as infrastructure, smart contract platforms, scaling solutions, and platforms for the custody of digital assets.
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.
Also Read: The CEO Of Kraken Criticises The Tornado Cash Sanctions
Wallets