Financial Boost for Alchemy
In a remarkable turn of events, blockchain developer Alchemy has successfully raised $80 million in a Series B funding round. The announcement, made on April 28, sets the stage for the company to enhance its platforms that support non-fungible token (NFT) marketplaces. Led by the technology investment giant Coatue and Addition Capital, the funding saw participation from a host of notable investors.
Star-Studded Support
The investor lineup reads like a Who’s Who in the sports and entertainment industries. The Glazer family, who are not just known for owning the Tampa Bay Buccaneers, but also Manchester United, threw their hats into the ring. Additionally, contributors included the shiny design duo, The Chainsmokers, and actor Jared Leto. And let’s not forget the seasoned investors from DFJ Growth, who have ties with powerhouses like Coinbase and SpaceX. Talk about a winning team!
Alchemy’s Soaring Valuation
With this latest round of funding, Alchemy’s valuation has skyrocketed to an impressive $500 million. The firm has gained traction thanks to the booming NFT market, acting as a crucial intermediary between the blockchain and the companies utilizing its technology. In fact, over the last eight months, platform usage has surged by a whopping 97 times!
Fueling Growth in the NFT Sector
Alchemy isn’t just about counting dollars; the firm is powering innovation. They have developed the platforms supporting major NFT players like Dapper Labs, which launched phenomenal NFT collections such as CryptoKitties and NBA Top Shot. They even played a role in facilitating the sale of that jaw-dropping $69 million NFT by digital artist Beeple. It’s like Alchemy is the wizard behind the curtain, making things happen in the NFT universe!
Making Blockchain Accessible
With a clear goal of simplifying blockchain infrastructure, Alchemy’s CTO Joe Lau likened their technology to Amazon Web Services (AWS). Just like AWS supports platforms like DoorDash and Netflix, Alchemy provides the backbone support for industries interacting with NFTs. Pantera Capital’s Paul Veradittakit echoed this sentiment, dubbing Alchemy the “AWS of the blockchain industry.”
Future Plans and Expansion
The funding will help Alchemy expand its capabilities further, including supporting new blockchain technologies and increasing its modest team of 22. Earlier this year, the firm made a strategic partnership with Flow blockchain, aiming to deepen its engagement in the flourishing NFT ecosystem. As Alchemy continues to power the future of decentralized web applications, they’re also thinking about how many more cool new toys (read: NFTs) they can help create.
