Google Has Invested $1.5 Billion In Blockchain Industry Since September 2021

Alphabet, the parent company of tech giant Google, invested over $1.5 billion in the blockchain and crypto industry between September 2021 and June 2022.

The trillion-dollar firm is knee-deep in crypto, a Blockdata blog post released on Aug. 9 and last updated on Aug. 17 confirmed, noting that Alphabet tops the list of 40 major public companies with the biggest investment in crypto during the period.

Google's parent company reportedly invested a total of $1.5 billion within the said period, backing four blockchain firms, such as digital asset custody platform Fireblocks, Web3 gaming company Dapper Labs, Bitcoin infrastructure tool Voltage and venture capital company Digital Currency Group.

The tech firm invested over $601.4 million in around 17 blockchain firms last year, according to CoinTelegraph, and it seems to have doubled its investments since then. Among these 17 firms were Dapper Labs, Celo, Helium and Blockchain.com.

Other companies that follow Google on the Blockdata list include the largest asset management firm BlackRock, investment management and financial services company Morgan Stanley, tech firm Samsung and multinational investment bank Goldman Sachs.

"Forty corporations invested in companies in the blockchain/crypto space during this time. Samsung is the most active, having invested in 13 companies. UOB came in next with 7 investments, followed by Citigroup with 6 investments, and Goldman Sachs with 5," the blog post noted.

The post then pointed out that many banks are also increasing their exposure to crypto due to an increase in consumer demand for such currencies. These banks include major ones like United Overseas Bank, Commonwealth Bank of Australia and BNY Mellon.

Interestingly, the firm ranked second on the list, BlackRock, recently introduced a new private trust that will provide institutional clients direct exposure to spot prices of Bitcoin (BTC).