Alphabet poured $1.5 billion into blockchain companies over 10 months, research shows

US tech giant Alphabet is the biggest blockchain investor among listed companies that invested in the space between September 2021 and June 2022.

The Google parent invested $1.5 billion in four blockchain companies — Fireblocks, Dapper Labs, Voltage and Digital Currency Group — over the past 10 months, a recent study by crypto intelligence platform Blockdata found.

Alphabet, which had cash reserves of nearly $125 billion by the end of June, is one of the most prolific investors in the startup ecosystem through its investment vehicles. Crunchbase data shows that Google Ventures has made 990 investments, CapitalG counts 106 and Gradient Ventures has 158.

Other top companies with billion-dollar blockchain investments in the same time frame are BlackRock and Morgan Stanley, according to the study. Top Wall Street banks Goldman Sachs, BNY Mellon, Citi and Wells Fargo also make the list.

In total, 40 companies invested around $6 billion in blockchain-related investments during that time period. Investments covered in the study would have been made in part during the downturn in the cryptocurrency market, triggered by TerraUSD’s crash in May.

Alphabet CEO Sundar Pichai confirmed earlier this year that the company was exploring how to integrate blockchain technology into its services such as YouTube and Google Maps.

“Anytime there’s innovation, I think it’s exciting and I think it’s something we want to support as best we can,” Pichai said during an earnings call.

“The web has always evolved and it’s going to continue to evolve, and as Google we’ve benefited enormously from open source technology, so we plan to contribute there,” he said.

Concerns over Big Tech influence

Critics of Big Tech firms have previously lashed out at them for having too much power. Web3 companies, built on the premise that future companies will live on the blockchain, operate with the same idea that supports cryptocurrencies. They will not be controlled by individual entities such as Facebook or Google.

Yat Sui, chairman of Animoca Brands, recently described the Meta and Microsoft empires as “digital dictatorships” in a Bloomberg interview. Animoca, itself a major blockchain investor, says its goal is to give people ownership of their digital property and dissolve Big Tech’s influence.

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