Google has reportedly invested in more than $1 billion (around R17bn) 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 $1.5bn in the decentralised system of digital currency through its parent company Alphabet.
A report from Blockdata 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."
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The funds from Alphabet are said to have gone to blockchain companies including Dapper Labs, Fireblocks, Digital Currency Group and Voltage.
The report went on to claim that future plans for cryptocurrency is focused on finding further “innovative companies” as 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”.
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