Home Blockchain Alphabet is the world’s first blockchain-friendly investor, injecting $1.5 billion into the sector

Alphabet is the world’s first blockchain-friendly investor, injecting $1.5 billion into the sector

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Alphabet is the world’s first blockchain-friendly investor, injecting $1.5 billion into the sector

Although block chain the technology is still growing, with some established companies pouring money into different projects that offer specific use cases.

Indeed, Alphabet (NASDAQ:GOOGL) invested $1.56 billion in blockchain companies between September 2021 and June 2022 with four rounds, taking the lead among publicly traded companies. invest in the sector, research published by Block data August 11 indicates.

During the period, Blackrock (NYSE: noir), with three rounds, invested $1.17 billion, followed by banking giant Morgan Stanley (NYSE: MRS) to $1.1 billion with two rounds. Elsewhere, electronics giant Samsung leads the number of funding rounds at 13 with $979 million, while Goldman Sachs (NYSE: GS) ranks fifth with $698 million.

Public company blockchain investment. Source: Blockdata

Google’s Blockchain Forays

Over the past few years, Alphabet, the parent company of Google, has made inroads into the blockchain space with several initiatives as more and more customers continue to embrace disintermediation. equals transactions.

Initially, Google took a cautious approach to blockchain, but has since softened its stance by venturing into new emerging disciplines in the industry. For example, Alphabet in partnership with Dapper Labs, a blockchain studio developing Web 3.0 products.

“We are definitely looking at blockchain; it’s such an interesting and powerful technology with so many applications,” said Sundar Pichai, CEO of Alphabet.

Instead of opening up their blockchain ventures, covered businesses find innovative entities and portfolios that can add value to growing their core business.

Companies bet on the blockchain

Overall, companies are venturing into blockchain while it is still uncertain whether the technology will pick up. However, projections indicate that blockchain development is set to grow in the coming years. This aspect allows companies to establish traction and competitive advantage in the growing technology field.

It should be mentioned that the entities injected more money into the space despite the extension crypto market correction that plunged several companies into bankruptcy. For example, crypto lending platforms Celsius and Voyager Digital filed for bankruptcy, citing volatile market conditions.

Additionally, blockchain-based companies like Coinbase crypto exchange (NASDAQ: COIN) were forced to readjust their operations. The company announced a hiring freeze as well as laying off some employees to contain the turbulent market situation.

Interestingly, Finbold reported that by July 2022, cryptocurrency companies had raised over $29 billion, which is $2 billion less than the total value of $31 billion recorded in all of 2021.

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