Non-fungible tokens (NFTs) are a hot market right now, and while the tokens themselves are the stars of the show, the underlying infrastructure is also an intriguing play. Blockchain companies and building platforms alike are seeing increasing investor interest. Alchemy is one of those underlying assets to which investors are flocking. Thanks to Alchemy, crypto — and particularly the NFT trade — has been streamlined in many facets. As the company closes its latest private funding round, an intense demand for the startup is showing.
Alchemy has just come forth with its series B funding round results, and the numbers are generating buzz. Completing the round on Wednesday, the platform reeled in $80 million. Here’s everything you need to know about it:
What to Know About the Alchemy Crypto Startup
- Alchemy, first of all, is not a blockchain. It is a platform built on the blockchain that allows users to build their own blockchain apps.
- The company operates similarly to Amazon’s (NASDAQ:AMZN) Amazon Web Services. Just like how companies like Netflix (NASDAQ:NFLX) operate off of AWS, NFT markets operate off of Alchemy.
- In fact, Alchemy’s founders have stated they hope to become the AWS of blockchain.
- Alchemy has spawned a number of very popular NFT spaces, including Dapper Labs, a popular company behind NFT offerings like NBA Top Shot and CryptoKitties.
- Most notably, the Alchemy platform has supported OpenSea, the largest NFT marketplace in the industry right now.
- In the past eight months, Alchemy has seen its user base grow 97 times, and has powered over $30 billion in transactions.
- The series B funding round was a great success for Alchemy, attracting $80 million in cash.
- This fundraise brings Alchemy’s valuation to $500 million.
- Alchemy is attracting a variety of different investors. Charles Schwab, ex-Yahoo CEO Jerry Yang, Coinbase (NASDAQ:COIN) and DFJ Growth were among the list of contributors. Celebrities like rapper Jay-Z and electronic music outfit The Chainsmokers also contributed.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.