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Alchemy closes $ 250 million in funding



More and more companies are protecting their assets against future problems by adapting their technologies to the blockchain - through NFTs. This also includes Alchemy Insights Inc.

The San Francisco-based company recently secured a place in the crypto unicorns club after receiving $ 250 million in funding from Andreessen Horowitz. Alchemy is now valued at approximately $ 3.5 billion, a seven-fold increase since April.

Alchemy is the link between smartphone apps and blockchain (a technology that popularized Bitcoin ). The Alchemy platform enables developers to create smartphone apps based on (common) blockchains. An example of this is also the Ethereum blockchain.

Alchemy supports well-known companies

Alchemy's infrastructure brought some well-known companies to life, including OpenSea (largest NFT marketplace), Axie Infinity (video game), NBA Top Shot, and the makers of CryptoKitties, Dapper Labs.

The highlight for Alchemy was the sale of the most expensive NFT from digital artist Beeple, valued at $ 69 million. It is the third most expensive work of art by a living artist.

NFTs are (expensive) digital works of art that can take the form of pictures, memes, videos, music, and other art pieces.

Alchemy's success has led to partnerships with PwC and Adobe. Speaking of Adobe, the company plans to enable digital artists to create NFTs using Photoshop.

Companies prepare their products for the future

Commenting on the latest $ 250 million funding round, Alchemy co-founder and CTO Joe Lau said technology companies are powered by their products - they don't want them to be out of date in the future.

The aim of the funding is to ensure that “they are up to date with new technologies”.

Lau adds that Andreessen chose to support Alchemy because "they are young enough to remember what it was like to see a new technology [like Alchemy] emerge."

Investors compare the service to Amazon Web Services (AWS), which acts as an intermediary between the Internet and Uber (or Netflix) - both companies host their websites on Amazon Web Services.

Alchemy's structure behind the scenes has helped develop applications, including social networks and video games. Thanks to the company's tremendous success, many now consider it “Web 3.0,” and for good reason.

According to Ali Yahiya, a partner at Andreessen Horowitz, many people believe that blockchains are all about finance, digital currencies, or money.

But Yahiya contradicts this misconception and says that blockchains are "much more powerful and enable a much wider range of applications".

Alchemy's revenue has grown 15-fold since April - and October was its most profitable month, according to the founders. The company is four years old.

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