Corporate interest in blockchain has been on the rise in recent months despite the downturn in crypto prices. A report from cryptography analytics platform Blockdata reveals that rather than shy away from blockchain in the wake of reducing crypto prices, the world’s top companies have poured billions of dollars’ worth of investment into the nascent blockchain and crypto market over the past 10 months.
The Blockdata report revealed that 40 of the top 100 companies on the globe by market capitalization are reportedly investing billions of dollars into cryptocurrency and blockchain companies, reaching a total of around $6 billion into the industry from September 2021 to June 2022. Blockdata used figures from CB Insights, a market intelligence platform that analyzes data points on startups, venture capital, partnerships, patents and tech news to reach its findings.
The report noted that Google parent company Alphabet was the largest investor in cryptocurrency, investing a whopping $1.50 billion into crypto startups Voltage, Dapper Labs, Digital Currency Group and Fireblocks. BlackRock, currently the largest asset manager on the globe, was the second-largest crypto investor, pouring some $1.17 billion into Circle, Anchorage Digital and FTX. Asset management and financial services company Morgan Stanley was the third largest investor in blockchain with $1.10 billion invested in NYDIG and Figment.
Samsung invested $979 million via 13 rounds of funding, coming out as the most active blockchain investor in the world over recent months. The South Korean phone company invested in 13 companies including dank bank, Flowcarbon, Saga, Big Whale, MYTY, Atomic Form, Ramper, Yuga Labs, Sky Mavis, Metrika, Aleo and FanCraze.
Goldman Sachs was the fifth-largest crypto investor on the globe with a $698 investment in five rounds followed by BNY Mellon with a $690 million investment and PayPal with a $650 million investment. Since Blockdata could not determine exactly how much these companies invested in the crypto market, the market analyst looked at the total amounts raised in the funding rounds in which these companies participated.
Blockdata reports that a total of 62 crypto companies received cash infusions from the top public companies in the world between September 2021 and June 2022; 11 of these companies are focused on providing gaming services, 12 of them are crypto marketplaces, and 19 of them offer nonfungible tokens (NFT)-related services.
Samsung was the most active investor, having invested in 19 companies, followed by United Overseas Bank (UOB), which invested in seven crypto firms, Citigroup (six investments) and Goldman Sachs (five investments).
Such institutional interest indirectly rubs off on industry players such as Bit Digital Inc. (NASDAQ: BTBT) due to the increased public confidence resulting from the entry of major companies into the blockchain space.
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