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A new report shows that Alphabet, which owns Google, put more money into the blockchain industry than any other public company. Between September 2021 and June 2022, Alphabet put $1.5 billion into the blockchain industry.
In an updated blog post from Blockdata on Wednesday, it was revealed that Alphabet (Google) was the investor with the most money out of the top 40 public companies that invested in blockchain and cryptocurrency companies during the time period.
The company put $1.5 billion into the space and focused 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 a big change from last year, when Google spread its much smaller $601.4 million funding among 17 blockchain-based companies. These companies included Dapper Labs, Alchemy, Blockchain.com, Celo, Helium, and Ripple, among others.
Google's increased investment in the blockchain industry is similar to that of the top 40 publicly traded companies. During this time, Google invested $6 billion, compared to $1.9 billion from January to September of 2021 and $506 million for the whole year of 2020.
Asset management company BlackRock put in $1.17 billion, investment banking company Morgan Stanley put in $1.11 billion, and electronics company Samsung put in a total of $979.2 million.
Similar to Google, Morgan Stanley and BlackRock invested in only two to three companies during the time period. But by far the most active investor was Samsung, which put money into 13 different companies.
The data also showed that the most popular investments have been in companies that offer some kind of nonfungible token (NFT) solution:
“Many of these belong to industries such as gaming, arts & entertainment, and distributed ledger technology (DLT).”
The rest of the investments went to companies that offer Blockchain-as-a-Service (BaaS), infrastructure, smart contract platforms, scaling solutions, and platforms for holding digital assets.
Based on the data, it was also found that banks have started to invest more in crypto and blockchain companies. This is because the number of customers who want crypto services is growing. United Overseas Bank, Commonwealth Bank of Australia, and BNY Mellon are three banks that are at the top of the list of crypto investors.
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