Google invests $1.5bn in crypto companies, new data reveals

US tech giant poured more money into blockchain and cryptocurrency startups than any other public company

Google’s parent company Alphabet invested more than any other public firm in blockchain and crypto companies between September 2021 and June 2022, according to a new report.

Figures compiled by market intelligence firm Blockdata revealed the US tech giant poured $1.5 billion into the space over nine months, focussing on just four blockchain companies: Fireblocks, Dapper Labs, Voltage and Digital Currency Group.

Other major investors included financial firms BlackRock and Morgan Stanley, who invested more than $2 billion combined, as well as South Korean electronics behemoth Samsung, who invested nearly $1 billion across 13 blockchain companies.

The 40 public companies tracked by Blockdata between September and June invested approximately $6 billion into a total of 61 blockchain and cryptocurrency startups.

Banks and financial institutions made up a large proportion of the public companies investing in the technology, with Blockdata noting that the corporations are exploring specific use cases that complement their core offerings.

“Banks have started to increase their exposure to crypto and blockchain services given increased client demand,” Blockdata wrote in a blog post.

“This has led them to make investments in crypto custody, asset management, and trading. As for traditional corporations (Samsung, Microsoft, etc.), they are already supportive of the blockchain landscape, as indicated by the funding trend over the years. Now, it is a matter of finding innovative companies and portfolios that add value to their core business growth and consolidation.”

Many of the companies that received investment offer some form of nonfungible token (NFT) technology, the data shows, with funding going towards Web3 solutions for industries including gaming, arts and entertainment.