Alchemy joins Web3 decacorns club following $200M funding

Web3 development platform Alchemy announced 

a freshround of $200 million funding, bringing up the company’s valuation to $10.2billion, just above the decacorn threshold.

The latest funding round was led by venture capitalfirm Lightspeed along with Silver Lake, an American global private equity firm.Alchemy’s funding also saw participation from previous major investors as well.

 Alchemyattained a $3.5 billion valuation following a $250 million Series C fundraisinground led by Andreessen Horowitz. Since October, Alchemy reported a three-foldgrowth in the number of Web3 initiatives being built on their platform.

Another reason for Alchemy’s explosive growth is theincrease in the annualized on-chain transaction value. It currently stands at$105 billion compared to a modest $45 billion back before the Horowitz-ledfunding. Alchemy co-founder and CEO Nikil Viswanathan added:

“In 2022, we’ll be doubling down on our commitment tomeeting developer needs in more places, making it easier than ever to unlockthe potential of Web3.”

The company intends to redirect the funding to spreadWeb3 adoption.

Some of the initiatives in this regard include thelaunch of Web3 University — an open educational resource for learning Web3,Alchemy Ventures and a nonfungible token (NFT) API for website developers.

In a recently released white paper, informationdistribution protocol Really Simple Syndication (RSS) published plans fortaking its popular internet feed update to Web3.