Alphabet, the parent firm of Google, specified a majority of its capital for the blockchain industry as opposed to any other public platform. An enormous amount of $1.5B has been invested by it from 2021’s September to 2022’s June, as shown by an exclusive report. On 17th August, Blockdata updated in its blog that Alphabet has been playing the role of a leading investor in this respect.
Google Increases Its Blockchain Investments to a Great Extent
It added that the company has allocated great amounts of investment as compared with the rest of the prominent 40 public organizations that have been investing in crypto and blockchain-based firms during the same period.
The platform invested nearly $1.5B into the respective sector, focusing on 4 blockchain venues taking into account Digital Currency Group (a venture capital firm), Voltage (a Bitcoin infrastructure instrument), Dapper Labs (a Web3-based gaming firm), and Fireblocks (a forum for the custody of digital assets).
This comes in complete contrast with the previous year when Google took a relatively smaller funding endeavor with up to $601.4M being allocated on 17 companies based on blockchain, in which Ripple, Helium, Celo, Blockchain.com Alchemy, and Dapper Labs were included. Google’s enhanced investment efforts into the blockchain sector are consistent with the rest of the well-known forty publicly traded firms, with a cumulative investment of $6 billion during the present time.
Also read:Another large corporate investor is BlackRock (an asset management platform) with an investment of $1.17B. Morgan Stanley counts as another player with an investment of $1.11B into Samsung (an electronic firm). Similar to Google, BlackRock and Morgan Stanley moved toward a more resolute approach by investing in just a couple of or three firms during the same period.
Community Compels Banking Institutions to Turn toward Crypto Services
Nonetheless, Samsung was considered to be a considerably active investor with investing in 13 diverse platforms. The data have also brought to the front that the firms providing solutions related to non-fungible tokens (NFTs) have gained a lot of popularity in terms of investment. Seven among these are related to the industries like arts & entertainment, gaming, as well as distributed ledger technology (DLT).
The rest of the investments have been specified for the firms that offer infrastructure, Blockchain-as-a-Service, scaling solutions, smart contracts, and the custody of digital assets. The data additionally disclosed that the banks have initiated to have some exposure towards blockchain and crypto companies, after a mounting demand from the consumer base for crypto services.
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