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Why Google has Invested in Cryptocurrency ?

Search engine giant Google is the biggest backer of crypto startups and blockchain. In this regard, Google invest in cryptocurrency around 1.5 Billion Dollars through its Parent company ‘Alphabet’. 

According to Blockdata, a crypto research firm, several big tech firms have invested in cryptocurrency or more precisely digital currency group from September 2021 to June 2022. Investor includes PayPal, Tencent, Microsoft, Samsung and Google’s parent company Alphabet.

google invest in cryptocurrency

Though this isn’t the first time we’ve heard about Google’s parent company Alphabet’s investments in blockchain crypto industry. According to the Block data report, they’ve been investing in this technology since 2016 through different digital asset custody platforms.

Previous reports indicated that they had invested in crypto companies such as Ripple. Google had previously made much larger investments in a broader range of blockchain-related companies. 

Moreover, Google invested in Dapper Labs, the company that crafted NBA’s Top Shot & UFC Strike licensed video NFTs. Dapper Labs also backed CrytoKitties, NFT based game.

Crypto and blockchain services – Importance for Google CEO

Google CEO Sundar Pichai shared some words about cryptocurrency earlier this year that they were definitely looking at blockchains, it is such an interesting and powerful technology with vast applications. He also added that they plan to allow blockchain-based businesses to use their cloud computing and want to incorporate NFTs and crypto payments into their different platforms. 

crypto and blockchain services

On the other side, Google’s spokesperson further clarified said they have invested in a small number of blockchain companies and the accumulated investment reached $1.5b in total they call this investment amount a ‘small faction’. 

crypto and blockchain companies

Reliability of Crypto Investments and other Big Investors

Google is fourth and Samsung is leading the table when it comes to investment in cryptocurrency. Samsung has a variety of investment ventures, they have invested a total of $979.26 million in the likes of Dank Bank, an NFT Platform for trying to monetize memes on the internet. 

asset management company blackrock

Samsung also invested in Yuga Labs, the creators of the Board Ape Yatch club NFTS. However, in April, Users were scammed of nearly $13.7 million on the group’s official Instagram and Discord accounts.

Still, they are sure that many of BAYC’s strange initiatives such as Bored Ape Metaverse are still thriving in full swing. They also invested in Sky Marvis that is the maker of the crypto-based game Axie Infinity.

That investment did not return any fruits due to one of the biggest hacks in crypto history that year. Resultantly, stakeholders were leaving the platform with their remaining funds.

blockchain industry

Not every investment is fruitful as every big company diversifies their investment to save their back in the case of loss from any platform.  It is like a gamble; they have to take into account the risks and rewards.

Even some investments in Crypto Gaming!

They also invested in Sky Marvis that is the maker of the crypto-based game Axie Infinity. That investment did not return any fruits due to one of the biggest hacks in crypto history that year. Resultantly, stakeholders were leaving the platform with their remaining funds.

Not every investment is fruitful as every big company diversifies their investment to save their back in the case of loss from any platform.  It is like a gamble; they have to take into account the risks and rewards. 

Google Invest in Cryptocurrency – Why and impact

It is not been officially announced by Google about the investment yet, it was the research firm (Blockdata) that presented data about the investments. Google has deep interests in this sector as they recently hired Arnold Goldberg (former PayPal executive) to peruse and drive the plans to expand the Google Crypto Payment Division. 

four blockchain companies

The million-dollar question is ‘does google own any cryptocurrency? There is no clear answer as CEO Sundar Pichai did not disclose it when he was asked to do. He added that they are observing and interested in the diversification of Google’s investments in crypto and blockchain. 

In case you are desirous to invest in cryptocurrency, there is the valuation chart below to gauge the market valuation of the top crypto coins by market cap in US dollars.

Bitcoin409.23 B21,409.77(-0.83%)
Ethereum202.48 B1,661.60(-1.19%)
Tether66.75 B1.00(-0.17%)
USD Coin54.27 B0.999629(-0.07%)
Binance Coin49.33 B295.77(-0.69%)
Binance USD17.92 B0.999780(-0.01%)
Cardano15.75 B0.466669(+1.01%)
XRP14.93 B0.348033(-0.16%)
Solana12.02 B34.68(-2.81%)
Dogecoin9.21 B0.067928(-1.04%)
Shiba Inu7.4 B0.000013(+1.99%)
Polkadot6.67 B7.44(-2.44%)
Avalanche6.42 B22.58(-3.01%)
TRON6.02 B0.065136(-0.58%)
Wrapped Bitcoin5.07 B21,409.56(-0.74%)
Uniswap5.07 B6.80(-4.70%)
Ethereum Classic4.94 B36.24(-0.21%)
UNUS SED LEO4.93 B5.17(-0.95%)
Litecoin3.94 B55.57(-2.13%)
FTX Token3.71 B27.54(-1.01%)
Cosmos3.62 B12.64(-0.84%)
ChainLink3.27 B6.97(-4.29%)
NEAR Protocol3.2 B4.25(-1.88%)
Stellar2.76 B0.109603(-0.60%)
Monero2.76 B151.87(-0.26%)
Bitcoin Cash2.44 B127.53(-2.13%)
Flow2.15 B2.07(-5.45%)
Algorand2.09 B0.300980(-1.47%)
VeChain1.9 B0.026194(-1.94%)
Matic Network1.76 B0.810685(-1.02%)
EOS1.64 B1.65(-1.83%)
Filecoin1.59 B6.21(-3.02%)
Decentraland1.53 B0.824291(-2.05%)
Tezos1.48 B1.63(+0.12%)
Chiliz1.42 B0.236722(-1.23%)
The Sandbox1.32 B1.03(-2.36%)
Quant1.27 B104.86(-4.42%)
Aave1.27 B90.52(+0.72%)
Theta Token1.26 B1.26(+0.46%)
TrueUSD1.21 B0.999713(-0.03%)
Crypto.com Chain1.21 B0.129842(-0.40%)
Axie Infinity1.2 B14.37(-2.26%)
Bitcoin SV1.04 B54.48(-1.77%)
OKB1.04 B17.32(-0.78%)

Conclusion

Conclusion

Cryptocurrency is in the limelight again, this time for good reasons as Google invested in Cryptocurrency using its parent company Alphabet.

What is the future of cryptocurrency? Bleak or bright? Nobody is sure about it even Google itself is observing this platform yet and is desirous to include it in its system with better stability and accuracy. 

bitcoin infrastructure tool voltage

In this regard, Google’s CEO expressed some hopes for this platform by mentioning this platform as interesting and powerful. They are taking all facets into account to eliminate all threats, especially scams and hackings. That’s the reason they have not officially disclosed their ventures with cryptocurrency yet. 

Google is a tech giant, investing one and a half billion dollars means they see cryptocurrency as a vast application to use. But, this venture is underway so, we can attach our hopes that we will see thriving Blockchain-based businesses and secure cryptocurrency platforms with more validity.  

Leo

Leo is a Tech lover and Startup fanatic. It all started after his software engineering bachelor in France. But the passion really came after his IT Master in Tsinghua University, in Beijing China. With a striving passion to share, Leo will generously share with you the latest update on startups. His passion for global innovation will thrive and you will find him often covering Startup shows around the world. Be sure to get news from CES, Websummit, slush and of course innovation from South Korea thanks to a partnership with some government association!

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