Alchemy Funding Round Values Blockchain Start-up at $500 Million

Blockchain technology provider Alchemy has raised $80 million in its Series B funding round, raising its valuation to $500 million.

Alchemy Funding Round Values Blockchain Start-up at $500 Million

Alchemy will use the cash injection to expand its developer tools to other blockchains besides Ethereum (ETH). It also plans to strengthen its presence in New York and California, as well as expand to Europe and Asia.

The funding was led by Coatue Management and Addition LP. It also included DFJ Venture Capital, soccer club Manchester United owners the Glazer family, and the rock band the Chainsmokers.

Traders have been pumping cash into cryptocurrency initiatives comparable to Digital Asset Holdings and Chainalysis, with Bitcoin and Ether costs hitting data in current months. Thus far this 12 month, 156 startups specializing in digital know-how have raised $3.1 billion, in contrast with 341 offers that drew $2.3 billion in funding for all of 2020, in line with CB Insights.

“It actually highlights the facility of blockchain and the entire business and the way blockchain has change into extra mainstream,” Alchemy co-founder and Chief Govt Officer Nikil Viswanathan mentioned within the interview. “Alchemy has very solidly proven we offer the identical accelerating service for blockchain that Amazon Internet Providers did for the web.”