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10 May 2021

'AWS of Blockchain' Alchemy Raises $80M, Plans to Add New Chains - Decrypt

'AWS of Blockchain' Alchemy Raises $80M, Plans to Add New Chains - Decrypt

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Since offering its software kit to all comers eight months ago, Alchemy says it has grown 97-fold, made fistfuls of money, and added blue chip customers that range from UNICEF to Fortune 50 companies.

On Wednesday, Alchemy announced it has raised an $80 million Series B funding round led by global investment firm Coatue that values the company at $505 million.

The company likes to style itself as the AWS of blockchain, referring to Amazon's cloud computing service that is relied upon by everyone from Netflix to Uber.

"We think Alchemy has pioneered critical infrastructure that has the potential to transform the blockchain industry.

The company is also well-positioned insofar as few others offer a similar blockchain building kit.

The Alchemy founders also noted that a growing number of Fortune 50 companies have been signing up for its free tier—a sign they say indicates that corporate America is poised to embrace blockchain in a major way.

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