Alphabet Inc. Invests Over $1.5 Billion In Blockchain Companies As Institutional Interest Continues To Skyrocket

Alphabet Inc., Googles parent company, has invested over $1.5 billion in blockchain companies so far. By doing so, it has surpassed the likes of Goldman Sachs, Samsung, Blackrock, and Morgan Stanley to become the leading organization investing in the burgeoning sector.

Institutional interest in crypto remains high

Although the cryptocurrency market has yet to reach its previous heights, the fact of the matter is that numerous institutional investors including some of the top companies, businesses and firms across the world have nevertheless repeatedly expressed an interest in crypto. This is in part due to the sheer amount of mainstream attention being given to the industry, as innovative technologies such as Web3, NFTs, blockchain, and the metaverse are quickly becoming regular topics of discussion.

Whereas Samsung is mainly relying on blockchain services, NFTs, social networks and development platforms, both Alphabet and Blackrock are adopting a slightly different approach by concentrating their efforts on a smaller group of companies like Circles and Fireblocks. Samsung even previously announced that it was creating its very own metaverse, a development which the blockchain community was only too happy to see as it meant that the underlying technologies behind DeFi were indeed finally becoming mainstream.

Banks are adopting a more proactive approach towards crypto

For the longest time, various banks around the world scoffed at the idea of decentralized digital currencies and assets and believed them to be nothing more than a trend that will dissipate over time. However, as these digital assets gradually became more popular and a rising number of big names started investing in crypto, banks had little to no choice but to adopt a more progressive perspective. Perhaps the most famous examples of this would be the introduction of CBDCs and Warren Buffet infamously calling Bitcoin rat poison years ago, only for him to later invest a billion dollars in a crypto-friendly bank.

Additionally, 40 corporations invested in blockchain and crypto companies between September 2021 and June 2022, according to a study that observed the top 100 banks with such investment behavior.

Moreover, across 71 investment rounds, 61 blockchain and crypto companies received funding, with a vast majority of these companies reportedly being involved in rapidly growing fields like arts and entertainment, gaming, and distributed ledger technology.

Sundar Pichai, Alphabets CEO, acknowledged the growth that the industry was experiencing as of late and spoke about Web3 developments in February, disclosing the companys position on revolutionary blockchain technology, monitoring developments, and investigating how Googles parent company could indeed start contributing to Web3 development going forward.