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Blockchain companies received $1.5 billion from Google in September

As stated by Cointelegraph, parent company Alphabet’s blockchain oriented investment concerned four companies including digital asset custody platform Fireblocks, Web3.0 gaming company Dapper Labs, Bitcoin infrastructure tool Voltage and venture capital company Digital Currency Group

Blockchain companies received $1.5 billion from Google in September
Other corporate investors such as asset management company BlackRock invested $1.17 billion, investment banking corporation Morgan Stanley invested $1.11 billion, and electronics company Samsung, with investments adding up to $979.2 million

Google’s parent company Alphabet has revealed that it invested $1.5 billion in the blockchain sector between September, 2021, and June, 2022, according to Cointelegraph. As revealed by Blockdata, through a blog post, Alphabet was revealed as the investor with high capital backing, in comparison to the top 40 public companies which invested in blockchain and cryptocurrency companies during the period. 

As stated by Cointelegraph, Alphabet’s blockchain oriented investment concerned four blockchain companies including digital asset custody platform Fireblocks, Web3.0 gaming company Dapper Labs, Bitcoin infrastructure tool Voltage and venture capital company Digital Currency Group. These developments have been revealed in comparison to last year when Google invested $601.4 million funding effort across 17 blockchain based companies, which included Dapper Labs, Alchemy, Blockchain.com, Celo, Helium and Ripple. Increasing investment of Google has been considered consistent with top 40 publicly traded companies, with six billion dollars being invested during the time compared to $1.9 billion between January, 2021, to September, 2021, and $506 million in whole of 2020.

On the basis of information from Cointelegraph, other corporate investors such as asset management company BlackRock invested $1.17 billion, investment banking corporation Morgan Stanley invested $1.11 billion, and electronics company Samsung, with investments adding up to $979.2 million. While Morgan Stanley and BlackRock invested in two or three companies, Samsung invested in 13 different companies during that period. Rest of the investments were split between companies that provide Blockchain-as-a-Service (BaaS), infrastructure, smart contract platforms, scaling solutions and digital asset custody platforms. Analysis of data also found that banks have started to increase their exposure to cryptocurrency and blockchain companies, backed by an increase in client demand for cryptocurrency services. Banks which have been included in the list of cryptocurrency investors include United Overseas Bank, Commonwealth Bank of Australia and BNY Mellon.

(With insights from Cointelegraph)

Also Read: UK grants authority to Crypto.com to conduct cryptocurrency asset activities

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