Google invested $1,5 billion in crypto projects since September 2021

The corporation’s main projects are Fireblocks, Dapper Labs, Voltage, and Digital Currency Group

17.08.2022 - 09:00

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What’s new? Google parent company Alphabet invested $1,5 billion in the blockchain industry between September 2021 and June 2022. According to a Blockdata report, of the 40 companies investing in Web 3.0, Alphabet ranks first. By comparison, the corporation invested only $601 million in this area in 2020.

Blockdata’s report

What else does the report say? The main projects Alphabet invested in were digital asset custody platform Fireblocks, gaming company Dapper Labs, bitcoin infrastructure protocol Voltage, and venture capital company Digital Currency Group.

In second place on Blockdata’s list is investment firm BlackRock, with $1,17 billion invested in the blockchain industry. Third place went to the financial conglomerate Morgan Stanley with $1,11 billion. NFT projects have become the most popular investment area.

Also, the data showed that in 2022 large banks began to increase their investments in the industry. United Overseas Bank, Commonwealth Bank of Australia, and BNY Mellon are among the institutions on the top list of crypto investors.

Earlier Bloomberg reported that institutional investors have begun to show increased interest in cryptocurrencies. Journalists noted BlackRock’s partnership with Coinbase, which is designed to make it easier for institutional investors to enter the crypto market, and news that the hedge fund Brevan Howard raised $1 billion for its crypto fund. In addition, BlackRock launched a private spot trust for bitcoin investments.

To find out how the crypto market will be affected by financial injections from big investors, see GetBlock Magazine’s article.

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