Alchemy Raises $80M Series B at a $505M Valuation

pa hrefhttpswwwalchemycomcryptodotorg targetblankAlchemya a blockchain developer platform announced last Wednesday that it had raised nbspmillion in anbspa hrefhttpstechcrunchcomalchemyraisesmatamvaluationtobetheawsforblockchain targetblankSeries Bnbsparound led bynbspa hrefhttpswwwcoatuecom targetblankCoatueanbspandnbspa hrefhttpswwwadditioncapitalcomteam targetblankAdditiona According to Crunchbase the company previously raised M and M in a Series A and venture round respectively bringing its funding since launch to M and a total to date over MppThe San Franciscobased firm was founded in bynbspa hrefhttpswwwlinkedincominnikilster targetblankNikil Viswanathananbspandnbspa hrefhttpswwwlinkedincominjosephlau targetblankJoseph Laua Alchemy isnt a blockchain but the infrastructure that helps DeFi projects launch applications and access Ethereum nodes In August last year Alchemy launched its full suite of products after a twoyear closed beta that served select teams such asnbspa hrefhttpswwwcoindeskcomdaiismovingbeyondetherbutdefiisntdecentralizedjustyet targetblankMakerDAOanbspandnbspa hrefhttpswwwcoindeskcomwhykybernetworktokenstripledtomdespitethecoronavirusrecession targetblankKyber NetworkappNownbspa hrefhttpsblogalchemyapiioblogalchemyyearinreview targetblankpowering over anbspof the worlds top Ethereum applications Alchemy operates similarly to that of Amazon Web services but for blockchain companies The firm has also played a major role in the explosion of NFTs being the technology behind every majornbspa hrefhttpswwwbloombergcomnewsarticlesgoldenstatewarriorsupnftgamewithchampionshipcollection targetblankNFT platformanbspsuch as DapperLabs Makerspace OpenSea Nifty Gateway and many moreppThe Series B came at a M valuation and adds to a growing trend of investors looking to fund key players in the blockchains backbone So far startups focusing on digital technology such asnbspa hrefhttpswwwchainalysiscom targetblankChainalysisanbspandnbspa hrefhttpswwwbloombergcomquoteDUS targetblankDigital Asset Holdingsa have raised billion in compared to the that brought in only billion last yearnbspa hrefhttpswwwlinkedincomintomglocer targetblankTom Glocera a lead director at Morgan Stanley and Alchemy investor says he chose Alchemy because he wants to quotinvest in the picks and shovelsquot that help make the ecosystem functionppNikil Viswanathan explains quotit really highlights the power of blockchain and the whole industry and how blockchain has become mainstreamquot adding quotAlchemy has very solidly shown we provide the same accelerating service for blockchain thatnbspa hrefhttpsawsamazoncom targetblankAmazon Web Servicesanbspdid for the internetquotppWith fresh capital at hand Alchemy looks to expand its suite of developer tools to other blockchains According to Joe Lau Alchemy is quotblockchain agnosticquot and seeks to help as many blockchain networks flourish as possible The firm will also look tonbspincrease its presence in US tech hubs and open offices in Europe and AsianbspOther investors in the round include DFJ Venture Capital the Glazer Family and The Chainsmokersp