‘Crypto AWS’ Alchemy Hits $ 3.5 Billion In $ 250 Million Round Led By A16z

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Crypto infrastructure firm Alchemy said on Thursday it had raised $ 250 million, filling an already large war chest for building the Web3 crypto stack.

“We actually didn’t get any of the money” from Alchemy’s $ 80 million Series B, announced in March, said co-founder Joe Lau, “because we’re profitable as a ‘business”.

Thursday’s Series C valued Alchemy, which provides development services to decentralized finance (DeFi), non-fungible tokens (NFT) and other crypto projects, at $ 3.5 billion.

Alchemy’s behind-the-scenes positioning makes it one of the most prolific rails for crypto infrastructure, although most end users are unfamiliar with the brand. It focuses on Ethereum, its layers 2 and the Flow blockchain but plans to expand further.

Read more: Alchemy ‘AWS for Blockchains’ Closes $ 80 Million Funding Round at $ 505 Million Valuation

Adding big support to Alchemy’s list of conditions was as important as storing extra money, CEO Nikil Viswanathan said in an interview. Andreessen Horowitz (a16z), one of the most active crypto venture capitalists – and who invests in many of the companies Alchemy calls clients – has led his Series C.

“We feed virtually all NFTs [marketplace], we power the majority of DeFi, we power most of the best applications in this space, ”Viswanathan said. “Working with a16z is just another extension for us, so we can see all the early projects getting integrated. “

Read more: Dapper Labs Uses Alchemy To Boost The Blockchain That Fuels NBA Top Shot

Pantera Capital’s lead investor Paul Veradittakit added, “Alchemy pioneered the core development platform that supports the entire blockchain industry.”

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