Peter Thiel-Backed Blockchain Infrastructure Provider Alchemy Goes Public
- After facilitating around $7.5 billion worth of on-chain transactions last year, the company decided to open its doors to the community.
- In the newly-released public version, developers can enjoy some of the services for free.
Alchemy CEO Nikil Viswanathan speaking at the Pantera Summit 2019. CoinDesk
On August 11, one of the world’s leading infrastructure providers, Alchemy, announced the launch of its full suite of products via Twitter. As of now, Alchemy’s blockchain developer platform is open to everyone and the startup is ready to bring its services to blockchain developers.
Alchemy is a blockchain development platform that assists developers in building the infrastructure behind their own decentralized apps. According to the CEO of Alchemy, Nikil Viswanathan, more than 70% of top Ethereum applications with around $2.8 billion worth of assets (close to 60% of all assets locked up in DeFi contracts) rely on the company’s solutions for access to blockchain data.
“Right now, building with blockchain, it’s like trying to build a skyscraper with a hammer and a shovel. Alchemy is bringing the construction equipment so it’s easier to build things,” Viswanathan said. “We are a pipe to a decentralized network, there are other pipes and people can use whatever pipes that they want.”
According to Viswanathan, the startup facilitated around $7.5 billion worth of on-chain transactions over the course of last year. After such massive growth in such a short time, more DeFi ecosystems are expected to join the platform as some of Alchemy’s services have also been made free for public use.
Viswanathan further described the new version:
“Our mission is to make blockchain development accessible to every developer. Now anyone can sign up and use the same tools powering the biggest companies in crypto.”
Alchemy is said to be one of the most promising and attention-deserving startups in the blockchain environment. A good reason for this is the fact that some of the investors in the company include names like Peter Thiel, Jay-Z, and Will Smith. Thiel is said to be one of the most successful tech investors of the 21-st century, comparable in success to entrepreneurs like Elon Musk and Jeff Bezos. Along with public support from celebrities like Jay-Z and Will Smith, users have yet to see the real potential of the platform.
- Alchemy has almost tripled its valuation since October, when it raised $250 million in a Series C funding round at a $3.5 billion valuation.
- The new funding will be used to accelerate the adoption of Web3, and will help Alchemy put more resources towards its Web3 University and free-tier for new developers in the space.
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- Alchemy claimed the last six months have been incredibly profitable for the company, as it experienced a 15x increase in its revenues.
- The new funds will be used to expand access to its tools, build new educational resources, as well as open new offices in the U.S. and outside.
- The company raised $15 million in a Series A funding led by prominent institutional and angel investors.
- The platform is already serving more than a million users weekly in 200 countries around the world.