Alchemy is raising $ 80 million to help drive NFTs as “AWS of Blockchain”.

The blockchain developer Alchemy has announced it has raised $ 80 million in a Series B round to further develop platforms that advance the markets for non-fungible tokens..

The funding round announced on Wednesday April 28th was led by technology-focused investment manager Coatue and Addition Capital., a venture fund of the American investor Lee Fixel.

The Glazer family also took part in the round, Owner of the Tampa Bay Buccaneers and Manchester United, and venture capital company DFJ Growthwho also invested in Coinbase, SpaceX and Stripe.

Alchemy is raising $ 80 million to help drive NFTs as “AWS of Blockchain”.
Alchemy is raising $ 80 million to help drive NFTs as “AWS of Blockchain”.

The Chainsmokers band and actor Jared Leto also contributed to the funding round, which brings Alchemy’s valuation to $ 500 million.. Current supporters include Pantera Capital, Coinbase, Samsung, Stanford University and a number of high-profile personalities such as Charles Schwab and Yahoo co-founder Jerry Yang.

According to CNBC Alchemy has benefited from the craze for NFT as it acts as an intermediary between the blockchain itself and the NFT applications and collections running on it.. Alchemy, which launched in December 2019, has seen 97x exponential growth on its platform over the past eight months, and the number of companies it operates doubled in the first quarter.

The company developed the platform for Dapper Labs, which in turn launched some of the most successful NFT collections, including CryptoKitties and the popular NBA Top Shot.. Alchemy also participated in digital artist Beeple’s NFT record, which sold for $ 69 million in March.

The company’s developer platform aims to eliminate the complexity and cost of building infrastructure on top of the blockchain layer.. Joe Lau, CTO of Alchemy, compared the technology to Amazon’s AWS, the backbone of internet cloud services:

“Every time you open DoorDash, you are using the Amazon infrastructure. Every time you interact with an NFT, you are using alchemy. He is driven under the hood by Alchemy. “

Paul Veradittakit of Pantera Capital also described Alchemy as “the Amazon Web Services (AWS) of the blockchain industry”.This enables the vision of a decentralized web.

Alchemy has quickly become the technology behind many of the major NFT platforms, such as OpenSea, Nifty Gateway, CryptoKitties, and Gods Unchained., according to the official website. The company agrees with the AWS analogy, stating:

“Just as AWS provides the platform for Uber, Netflix and much of the tech industry, Alchemy supports the infrastructure for many large companies in the blockchain industry.”

The company plans to use the funds to support the new chains with its developer platform and expand its employee base.which currently has a team of only 22 people.

end of March Alchemy has partnered with the Flow blockchain to expand its reach in the burgeoning NFT ecosystem.

Similar Posts