Alchemy, one of the fastest growing blockchain oriented startups, recently held its Series A funding and managed to raise $15 million. This is a big milestone for the blockchain infrastructure provider in an era where most crypto oriented firms are opting to outsource FinTech development.
The San Francisco based company provides a decentralized architecture that is more efficient than the existing nodes used in blockchains. Today, the firm’s clientele has grown to over a million customers with operations in over 150 jurisdictions. This recent Alchemy seed round further raised its value given notable stakeholders like Google, Yahoo and LinkedIn founders were part of the investors.
The Alchemy Blockchain Vision
Alchemy’s founders, Viswanathan and Joe Lau, began the project back in 2017 when the crypto markets rallied. The two were previously working on an App dubbed ‘Down to Lunch’ but later saw a bigger opportunity in providing blockchain development solutions.
Besides blockchain, Alchemy is active in FinTech analytics designed to improve network management and provide insights for better app development. Lau said that the firm uses a cutting-edge decentralized tech which groups data for easier access and interpretation. This is what has made Alchemy a favorite for building applications on blockchain networks like Ethereum and Bitcoin. Furthermore, clients who chose to leverage Alchemy’s infrastructure save significantly on resources.
Some of the prominent crypto oriented clients under Alchemy’s portfolio include Cryptokitties, Binance Wallet and Augur. The firm has been praised by key figures within FinTech with some like Yahoo’s founder, Jeny Yang, noting that the niche in blockchain infrastructure makes a lot of sense based on the history of tech waves.
What Next for Alchemy?
The firm’s founders have shown a deep passion for their project and even went ahead to reject a lucrative acquisition offer. Viswanathan is convinced that blockchain use will take a similar path to that of computer and web adoption although the time frame for a booming market is still uncertain.
Alchemy plans to allocate the proceeds from its seed round to market expansion and increasing the tool development options pool. The firm’s current reputation in the blockchain and crypto space remains a big plus for the ‘silent’ startup.