The Web3 development platform’s valuation saw a massive jump of $6.7 billion in just three months since October 2021.
Web3 development platform Alchemy announced a fresh round of $200 million funding, bringing up the company’s valuation to $10.2 billion, just above the decacorn threshold.
The latest funding round was led by venture capital firm Lightspeed along with Silver Lake, an American global private equity firm. Alchemy’s funding also saw participation from previous major investors as well.
As Cointelegraph previously reported in Oct0ber 2021, Alchemy attained a $3.5 billion valuation following a $250 million Series C fundraising round led by Andreessen Horowitz. Since October, Alchemy reported a three-fold growth in the number of Web3 initiatives being built on their platform.
Another reason for Alchemy’s explosive growth is the increase in the annualized on-chain transaction value. It currently stands at $105 billion compared to a modest $45 billion back before the Horowitz-led funding. Alchemy co-founder and CEO Nikil Viswanathan added:
“In 2022, we’ll be doubling down on our commitment to meeting developer needs in more places, making it easier than ever to unlock the potential of Web3.”
The company intends to redirect the funding to spread Web3 adoption.
Some of the initiatives in this regard include the launch of Web3 University — an open educational resource for learning Web3, Alchemy Ventures and a nonfungible token (NFT) API for website developers.
Related: RSS3 aims to be the decentralized information processor of Web3
In a recently released white paper, information distribution protocol Really Simple Syndication (RSS) published plans for taking its popular internet feed update to Web3.
As Cointelegraph reported, RSS3 chalked out intent to release an RSS3 source file for aggregating cyber activities. The data can then be used for building Web3-focused social media, content networks, games and other data-driven applications.