Alchemy launches $25 million grant program for Web3 developers

The blockchain infrastructure platform Alchemy announced the launch of a program to support Web3 startups and developers. Its size will be $25 million.

1/ Announcing the WAGBI Grant — #WereAllGonnaBuildIt!! 👷‍♀️🛠️

Alchemy’s $25M Developer Grants Initiative

The market tanks — we #WAGBI on Web3

Here’s what it is and how you can access it: pic.twitter.com/W7XJQu0JP8

— Alchemy | We’re Hiring! (@AlchemyPlatform) June 17, 2022

The company will support early-stage projects in a market downturn.

Applicants may receive up to $50,000 per application. Submissions will open on June 20. Funds will be distributed by mid-July.

Projects will gain access to Alchemy’s comprehensive infrastructure, platform and tools, as well as consultations from its team.

“We are responsible for supporting those who are passionate about new technology. We intend to attract new developers into the ecosystem during the market downturn,” said CoinDesk Paul Almasi, head of ecosystem development at Alchemy.

According to the executive, the initiative will focus on projects aimed at increasing NFT utility and popularising DeFi. It also targets DAO and decentralized identification.

In addition to the grant program, Alchemy also invested in educational platforms Web3 U and The Road to Web3.

Founded in 2017, the company provides a broad range of tools for building decentralized exchanges and NFT platforms: from node management to so-called monitoring of application functionality.

Alchemy originally focused on Ethereum, but later broadened the number of supported blockchains, adding Layer 2 solutions from Polygon and Flow.

NFT marketplaces OpenSea, Dapper Labs, NBA Top Shot and SuperRare are built on the platform. Alchemy’s services are used by Coinbase, unnamed leading investment banks and multinational companies such as Adobe and PwC.

In February 2022, Alchemy attracted $200 million following an additional round of Series C funding. The startup was valued at $10.2 billion.

Read ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analytics.