The blockchain industry has seen the most investment from Alphabet, the parent company of Google, than from any other publicly traded company.
Using $1.5 billion of its investment, the company focused on four blockchain startups: Digital Currency Group, Dapper Labs, Fireblocks, and Voltage.
Alphabet drops big investment in the blockchain
In line with the other top 40 publicly traded firms, Google has upped its investment in the blockchain sector, investing $6 billion over the course of this period as opposed to $506 million in all of 2020 and $1.9 billion between January 2021 and September 2021.
Alphabet (Google) was revealed as the investor with the largest funds among the top 40 public businesses investing in blockchain and crypto companies during the period in an updated blog released by Blockdata on Wednesday.
This is in stark contrast to last year when Google spread its considerably smaller $601.4 million fundraising effort across 17 blockchain-based firms, including Dapper Labs, Ripple, Alchemy, Helium, Blockchain.com, and Celo.
Joining the blockchain bandwagon
Other major corporate investors include asset management firm BlackRock, which contributed $1.17 billion, investment banking firm Morgan Stanley, which invested $1.11 billion, and electronics firm Samsung, which committed $979.2 million.
Like Google, Morgan Stanley and BlackRock took a more focused approach during this time, only investing in two or three startups. However, with investments in 13 different businesses, Samsung was by far the most active investor.
The report also revealed that banks have begun to boost their exposure to blockchain and cryptocurrency businesses as a result of rising client demand for these services.
According to the data, businesses that provide nonfungible token (NFT) solutions have become the most popular investments.
The firms that offer infrastructure, smart contract platforms, scaling solutions, Blockchain-as-a-Service (BaaS), and platforms for the custody of digital assets have received most of the remaining funding.