Google invests $1.5B in blockchain companies amidst the bear market
- Google invested more than any other public company in blockchain companies betweenSeptember 2021 and June 2022.
- The staggering amount invested by tech giant Google is close to $1.5B, all while the market was undergoing a bearish phase.
- Overall, the market has seen increasingly greater investment in Web3 companies YoY
Alphabet (Google) has spent a whopping $1.5B on blockchain companies between September 2021 and June 2022.
A new report suggests that Alphabet as an investor has the most significant and deepest investment portfolios when compared to the top 40 public corporations that have invested in blockchain companies within that timeframe.
Alphabet mainly focused on four blockchain companies;
- Web3 gaming company Dapper Labs
- Digital assets custody platform Fireblocks
- Voltage which is a Bitcoin infrastructure tool
- Digital Currency Group, a VC company.
Throughout 2021, Google diversified $601.4M in funding across 17 companies based on blockchain initiatives, including Dapper labs, along with Blockchain.com, Helium, Celio and Ripple.
Their increased investment in the industry is similar to the investment actions of 40 existing publicly traded companies.
Other big corporate investors include:
- BlackRock, investing $1.17B
- Morgan Stanley, ($1.11B)
- Samsung, with investments amounting to $979.2M
It has also been noticed that companies offering some form of NFT services were the beneficiaries of some the most notable investments.
Most of these companies specialise in industries related to arts and entertainment, gaming and and DLT (Distributed Ledger Technology).
The remaining investments deal with companies providing Blockchain-as-a-Service (BaaS), smart contract platforms, infrastructure, digital asset custody platforms, and scaling solutions.
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