Share this article
Blockchain Developer Toolkit Alchemy Adds High-Profile Angels to $80M Series B
Revenues for the blockchain infrastructure company have grown more than tenfold since it announced the series B in April.
By Danny Nelson
Updated Sep 14, 2021, 1:35 p.m. Published Aug 4, 2021, 2:30 p.m.
Make us preferred on Google
Two DJs, the president of Morgan Stanley, an e-commerce kingpin and a smattering of other high-profile angel investors have joined behind-the-scenes blockchain startup Alchemy Insights’ $80 million Series B.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
A source familiar with the matter told CoinDesk that Alchemy had earmarked some of its Series B equity for soon-to-be investors when it unveiled the round in April. The Bay Area company, which builds infrastructure and developer tools for consumer-facing crypto firms, commanded a $505 million valuation at the time.
“My heart bleeds a little bit for developers and I have great sympathy for dev tools that better enable them,” said Chainalysis CEO Michael Gronager, one of the angels.
Alchemy’s new investors include DJs 3LAU and Zedd, Morgan Stanley President and COO Vikram Pandit, Checkout.com CEO Guillaume Pousaz, Neythri Futures Fund, former Disney Chairman Jeffrey Katzenberg and others.
Revenue for the four-year-old startup have grown tenfold in three months, the source said, as non-fungible token-focused chains such as Dapper Labs’ Flow and other hot protocols like Polygon signed on. Alchemy helps those companies handle their booming transaction volumes more efficiently.
That’s been of special concern for NFT marketplaces servicing the breakout crypto asset subsector of 2021. Activity bellwether OpenSea has processed over $120 million in NFT trading volume so far this month, according to Dune Analytics, an industry tracker. OpenSea is also an Alchemy customer.
“Their platform powers many of the best companies in the space, including all the leading NFT companies,” said 3LAU, a proponent of all things crypto.
With $30 billion in processed transactions, Alchemy said it plans to court further growth through offices in New York City and a string of new partnerships and products.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
HYPE token's 30% surge is a story of crypto-traditional market convergence, treasury firm says
HYPE has surged 30%, outperforming bitcoin, ether and the CoinDesk 20 index by a big margin.
What to know:
- Hyperliquid's HYPE token has surged more than 30% to $33, far outpacing bitcoin, ether and the broader crypto market, as trading activity on the platform accelerates.
- The token rally represents the merging of traditional assets with the crypto world, according to Hyperion DeFi, which is a HYPE treasury company.
- Originally a crypto perpetuals exchange, Hyperliquid has expanded into tokenized trading of equity indices, individual stocks, commodities and major fiat pairs via its HIP-3 upgrade.
Top Stories
