Google has reportedly invested in more than $1 billion of cryptocurrency.
The search engine giant is said to have joined major players in tech and finance such as Samsung and Microsoft and has invested $1.5 billion in the decentralized system of digital currency through their parent company Alphabet via the financial service Blockchain.
A report from Blockchain read: “Banks have started to increase their exposure to crypto and blockchain services given increased client demand. This has led [Google] 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 funds from Alphabet are said to have gone to to blockchain companies including Dapper Labs, Fireblocks, Digital Currency Group and Voltage.
The report went on to claim that future plans for cryptocurrency is focussed on finding further “innovative companies” aas the virtual currency continues to grow.
It continued: “Now, it is a matter of finding innovative companies and portfolios that add value to their core business growth and consolidation.”