Google has been quietly shovelling a massive $1.5 billion into cryptocurrency and blockchain companies for almost a year, data from an intelligence firm has revealed.
A research report by Blockdata shows the search engine’s parent company – Alphabet – has been showering blockchain and crypto projects with cash since September 2021.
The massive sum was shared between Dapper Labs, Fireblocks, Digital Currency Group and Voltage.
Blockdata’s report also showed that South Korea-based Samsung pumped $1 billion dollars into 13 blockchain businesses, while Morgan Stanley and BlackRock invested $2 billion in crypto and blockchain.
In total, Blockdata identified 40 public companies – many of them financial institutions – that ploughed around $6 billion into more than 60 blockchain and cryptocurrency start-ups.
“Banks have started to increase their exposure to crypto and blockchain services given increased client demand,” Blockdata’s report noted.
“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.”