Google, among other major players in tech and finance, has invested more than $1bn into crypto and blockchain companies over the last year, according to new data.
A report from blockchain market intelligence firm Blockdata found that Google-parent Alphabet pumped $1.5bn into various crypto startups since September 2021.
The funds from Alphabet went to blockchain companies including Dapper Labs, Fireblocks, Digital Currency Group and Voltage.
The report also found that over that period, South Korean tech giant Samsung invested $1bn into more than a dozen blockchain businesses, while finance giants Morgan Stanley and Blackrock invested $2bn.
The new data suggests a continued acceptance of the cryptoasset industry from established institutions and corporates, despite the volatile market decline of crypto this year.
Market trends last week suggest the crypto market’s decline shows no sign of slowing down, despite huge investments.
“Banks have started to increase their exposure to crypto and blockchain services given increased client demand,” Blockdata’s report said.
“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.”
The report added: “Now, it is a matter of finding innovative companies and portfolios that add value to their core business growth and consolidation.”