This includes expanding access to its tools for all developers, especially those just starting out, building out its educational resources to help onboard new developers to Web3, and continued strengthening of its infrastructure to support the industry’s rapid growth. It will also continue its global expansion, including the opening of new offices in and outside of the US, and support for developers across new, emerging chains.
“We’re excited to continue investing in making blockchain accessible to developers globally,” said Nikil Viswanathan, co-founder and CEO of Alchemy. “Empowering developers is the key to bringing the magic of blockchain to the world.”
Alchemy is the world’s leading blockchain developer platform powering more than $45B in transactions for tens of millions of users globally.
The startup is based in San Francisco and is planning to open an office in New York.
“Weare going to use the funds to support new chains with our developer platform,” Viswanathan said. “We also expect to 5x the team this year.”
But to be clear, Alchemy prides itself on being lean and mean.
“We just went from 14 to 22 employees,” Lau said. “We have intentionally wanted to keep the team as small as possible.”
The blockchain space has been the subject of increased investor interest as of late.
In March,BlockFi, which describes itself a financial services company for crypto market investors, announced it had closed on a massive$350 million Series D fundingthat valued it at $3 billion.
We didn’t need the money but we saw the value in bringing on great partners, such as Andreessen, which has an incredible team with deep technical expertise in the blockchain space.”
Put simply, Alchemy wants to do for blockchain and Web3 what AWS (Amazon Web Services) did for the internet. The startup’s goal is to be the starting place for developers considering building a product on top of a blockchain or mainstream blockchain applications. Its developer tool aims to remove the complexity and costs of building infrastructure while improving applications through “necessary” developer tools.
It launched its offering in August of 2020.
Today, Alchemy powers a range of transactions across nearly every blockchain vertical, including financial institutions, exchanges, billion-dollar decentralized finance projects and multinational organizations such as UNICEF.
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It’s safe to say that Alchemy’s growth figures are evidence of a massive acceleration of growth in the web3 ecosystem as a whole.
In just the last 12 months, NFT marketplaces built on Alchemy have delivered more than $1.5 billion in royalties to artists, with almost $1 billion of that coming in just the last three months, the company said.
Viswanathan said the company has barely touched all the capital it previously raised. But with web3 advancing as quickly as it has been, the company wants to have the runway it needs to grow accordingly.
“We think we’re just in the first inning of web3.
There was a lot of excitement in the dot.com era about the baby internet.
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O Egon Durban told TechCrunch via e-mail that his firm believes web3 “represents a major evolution in the Internet.”
“The market opportunity is massive, and as one of the fastest growing companies in technology history, Alchemy is building the infrastructure to power and democratize this transformation, helping bring it to everyone by doing for web3 development what AWS did for the Internet,” Durban added.
In the past three months, Alchemy has also led the launch ofWeb3 University, an open educational resource for anyone looking to build their web3 development skills and createdAlchemy Ventures“to help nascent web3 businesses accelerate their growth.” So far it has allocated $10 million to that venture fund “with more to come.” It has doneseveral investments to date, including backing Royal, crypto exchange FTX (recently valued at $32 billion), Genies, Matter Labs and Arbitrum.
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It has also quickly become the technology behind every major NFT platform, including MakersPlace, OpenSea, Nifty Gateway, SuperRare and CryptoPunks. Other customers includeDapper Labs, Axie Infinity, Fortune 500s building on blockchain such as the recently signed Adobe, PricewaterhouseCoopers.
It also serves “the majority of DeFi.”
Alchemy powers over $45 billion in transaction volume for companies around the globe. That’s up from $30 billion at the time of its April raise.Since then, the company has also expanded the number of blockchains that it powers.
“Our platform was more or less on Ethereum, but we’ve seen a lot of demand and have since expanded to include Polygon, Arbitrum, Optimism and Flow,” Lau said.
We believe we’re just getting started and we want to be able to continue to help and support our customers as they grow.”
While there has been a lot of chatter on Twitter debating web3 versus Web2.0, Viswanathan and Lau believe there doesn’t need to be so much tension between the two.
“In the beginning of any technology, everyone always is trying to figure it out. If you look at the internet in the mid-90s, people said ‘this is so slow, why would anyone use email?’” Lau said.
“But the reality is that technology improves and we’re trying to figure out what this will look like 10 to 15 years from now.”
It’s a fact that thousands of new web3 organizations are being launched and scaling quickly. Meanwhile, hundreds of established Web 2.0 companies arepivotingtheir strategies to include web3 on Alchemy.
Its developer platform aims to remove the complexity and costs of building infrastructure while improving applications through “necessary” developer tools.
The startup powers a range of transactions across nearly every blockchain vertical, including financial institutions, exchanges, billion-dollar decentralized finance projects and multinational organizations such as UNICEF. Ithas also quickly become the technology behind every major NFT platform, including MakersPlace, OpenSea, Nifty Gateway, SuperRare and CryptoPunks.
“Every time you open DoorDash, you’re using Amazon’s infrastructure,” Lau said.
“Every time you interact with an NFT, you’re using Alchemy.
We want to fulfill its potential bycreating more resources for developers to come into the space and more effectively and more quickly build blockchain products.”
Viswanathan believes Alchemy is playing a crucial role in the recent surge and popularity of blockchain.
“As blockchain has been growing, not only has Alchemy grown, but we have helped the blockchain ecosystem grow because,” he told TechCrunch. “It’s this kind of virtuous cycle — the more we provide better tooling, the easier it is for developers to build products, and then more users come, so then more developers come and we make the tooling better, and so on and so forth.
Alchemy’s reliability and scalability. This latest round of funding will help Alchemy continue its focus on building a platform that brings the benefits of blockchain, decentralization, and Web3 to developers globally.
“Alchemy is growing at a staggering pace because it offers developers a platform for building web3 applications that is reliable, scalable, and easy to use,” said Ali Yahya, General Partner at Andreessen Horowitz. “Under Nikil and Joe’s leadership, Alchemy has stayed ahead of the curve and is doing as much as any company to drive mainstream adoption of web3.”
Publicly launched a little more than a year ago, Alchemy’s growth has been the result of answering a core need in the blockchain space — an easy-to-use, powerful platform for building blockchain applications for mainstream use.
First, the company, which describes itself as the backend technology behind the blockchain industry, went from public launch to a $505 million valuation in a matter of just eight months. During that time, Alchemy says it powered more than $30 billion in transactions for tens of millions of users all over the world.Second, the startup says it is also already powering themajority of the NFT industry.
And finally, its investors in the round include ahigh-profile mix of institutions and individuals, such as DFJ Growth, K5 Global, the Chainsmokers, actor Jared Leto and the Glazer family (owners of the Tampa Bay Buccaneers and Manchester United).They joined existing backers including Yahoo co-founder and former CEO Jerry Yang, Pantera Capital, Coinbase, SignalFire, Samsung, Stanford University, Google chairman and Stanford University President John L.
Alchemy serves developers across every vertical, including financial institutions, exchanges, gaming, NFT platforms, decentralized applications and protocols, and multinational organizations such as Adobe. Alchemy’s reliability and scalability make it the solution of choice for companies leading the Web3 revolution, including Dapper Labs, OpenSea, CryptoPunks, and Axie Infinity.
“Blockchain is still at the very beginning, and we’re thrilled to have partners like a16z who share our commitment to unlocking the potential of blockchain for developers and users everywhere,” said Joe Lau, co-founder and CTO of Alchemy.
Alchemy will primarily use this funding to reinvest in growth of the ecosystem to further the mission of making blockchain development accessible globally.