A whopping $1.5Bn has been invested by the company since 2021
Alphabet is the parent company of Google. And a recent report published by Blockdata has revealed that the company has poured the most amount of money in two web3 than any other company. The company has spent over $1.5Bn investing into the blockchain and crypto.
The investments were concentrated on four blockchain companies such as Fireblocks, Dapper Labs, Voltage and Digital Currency Group. This is in contrast to the $601.4 million spent last year on 17 Blockchain-based companies which included the likes of Blockchain.com, Celo,Helium, and Ripple.
A total of $6Bn has been reported to be the amount input into blockchain technologies and projects. There are multiple publicly traded companies that are investing as well, companies such as Morgan Stanley, BlackRock, Samsung, Microsoft, PayPal, Tencent, Citibank, Wells Fargo, LG, Goldman Sachs, and more-all of which can be seen by this image generated by Blockdata below.
The data has shown many of these companies are working on NFT solutions and products while others are into the metaverse aspect of web3- a lot more are into gaming , arts & entertainment, and distributed ledger technology. The rest of the investments can be seen as Blockchain-as-a-service, infrastructure, smart contracts, scaling solutions and finally custody platforms and solutions.
Banks are starting to receive requests for more crypto services and thus have begun looking into more exposure to crypto and the services that can be provided by the technology. Currently banks such as United Overseas Bank, the Commonwealth Bank of Australia, and BNY Mellon have all found themselves at the top of the list of banks investing in crypto.
Currently Google continues to look into web3 technology but has not yet created a metaverse platform to rival that of Meta’s Horizon Worlds.
