Alchemy Has Raised $80M In Series B Funding In a Bid To Boost NFT Marketplaces

Alchemy Has Raised $80M In Series B Funding In a Bid To Boost NFT Marketplaces

The firm Alchemy facilitates many DeFi and a sizeable chunk of all the reputable NFT platforms operating in the market, including Nifty, OpenSea, and many more.

Alchemy has revealed to the public that it has closed its Series B funding round in which it has managed to raise $80 million to develop and improve platforms that facilitate the NFT marketplace.

Coatue, a tech-savvy investment manager and venture capital fund from Lee Fixel, led the funding round on 28th April. The prominent Glazer family owner of Manchester United, Buccaneers, Tampa Bay, and venture capital company DFJ Growth has also invested in Stripe, SpaceX, and Coinbase.

Prominent personalities like Jared Leto and the pop band Chainsmokers have also pitched in the fundraising round, which leads the overall valuation of Alchemy to reach $500 million. Apart from these reputable personalities, the list of backers for Alchemy consists of Coinbase, Stanford University, Samsung, Pantera Capital, co-founder of Yahoo Jerry Yang, and Charles Schwab.

As per the report by CNBC, it has said that Alchemy profited a lot from the recent craze of NFT since it functions as a mediator between collections of NFT, the applications, and the blockchain that is the foundation of them all. The blockchain developing firm launched at the end of 2019 and from that instance has noted an enormous growth close to 97 times over the previous eight months. Furthermore, the number of organizations utilizing the technology has doubled in its Q1.

The company behind popular NFT collections such as NBA Top Shot and CryptoKitties is also powered by the platform developed by Alchemy. Not only that, but the firm was also behind the selling of $69 million NFT by Beeple.

The developer platform build by Alchemy focuses on removing the cost and complexity of constructing infrastructure over the blockchain layer. CTO at Alchemy compared the tech with Amazon AWS, which constitutes a foundation of cloud services. The CTO spoke about how every time one uses a food delivery app, door dash at the backend, the person is operating the infrastructure provided by Amazon. Similarly, whenever one uses NFT on the backend, the person is, utilizing the infrastructure set in place by Alchemy. Not only the CTO but Paul Veradittakit of Pantera Capital equally shared similar views regarding Alchemy’s role with NFT collections.

The same narrative was also conveyed on Alchemy’s website, which employs the same analogy of comparing AWS with Alchemy as stated on its website. Amazon AWS facilitates Netflix, Uber, and other tech-related industries. Alchemy aims to provide infrastructure for global entities involved with the blockchain ecosystem.

The future for Alchemy consists of increasing the employee base and supporting new companies with its platforms. Lately, Alchemy has united its forces with Flow blockchain to spread its reach in the ever-expanding NFT field.