Alchemy Joins Web3 Decacorns Club Following $200M Funding

Alchemy, a web3 development platform, announced a new $200 million round of funding, bringing the company’s valuation to $10.2 billion, just above the decacorn threshold.

Lightspeed Venture Partners and Silver Lake, an American global private equity firm, led the latest funding round.

Previous major investors contributed to Alchemy’s funding as well.

As previously reported by Cointelegraph in October 2021, Alchemy was valued at $3.5 billion following a $250 million Series C fundraising round led by Andreessen Horowitz.

Alchemy reported a threefold increase in the number of Web3 initiatives built on their platform since October.

The increase in the annualized on-chain transaction value is another reason for Alchemy’s explosive growth.

It is now worth $105 billion, up from a meager $45 billion prior to the Horowitz-led funding. Nikil Viswanathan, co-founder and CEO of Alchemy, added:

“In 2022, we will double down on our commitment to meeting developer needs in more places, making it easier than ever to realize the full potential of Web3.”

The money will be used to spread Web3 adoption, according to the company.

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

Really Simple Syndication (RSS), an information distribution protocol, recently published a white paper outlining plans to bring its popular internet feed update to Web3.

According to iexclusivenews, RSS3 has stated its intention to release an RSS3 source file for aggregating cyber activities.

The information gathered can then be used to create Web3-focused social media, content networks, games, and other data-driven applications.