Alchemy, an infrastructure blockchain platform, raises $80 million

Hedge fund Coatue Management led the Series B round for Alchemy, a platform for blockchain developers, worth $80 million, according to The Block.

Funding also came from Li Fixel, former head of Tiger Global Management, the founder of the eponymous brokerage Charles Schwab, and previous investors Pantera Capital and Coinbase. Following the round, Alchemy was valued at $505 million.

The funds will be used to expand internationally and to broaden the list of supported blockchains.

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

Representatives of Alchemy said that their technology is used by 70% of the most widely used decentralised applications built on Ethereum. The platform is modelled on Amazon Web Services.

“Our business serves tens of millions of end users across a broad range of verticals.”, explained Nikhil Vishwanathan, Chief Executive Officer of Alchemy.

Alchemy said its business has grown 97-fold over the last eight months. This was driven by a surge in activity in the non-fungible token market.

According to Bloomberg, NFT marketplaces OpenSea, Dapper Labs, SuperRare and Zora are built on the Alchemy platform.

In March, the Ethereum scaling-solution developer StarkWare, attracted $75 million.

In January Coinbase acquired a provider of infrastructure blockchain solutions, Bison Trails.

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