Cryptocurrencies
Alchemy Funding Round Values Blockchain Startup at $500 Million
- Its services support about $30 billion of transactions a year
- It’s ‘a bet on the blockchain industry as a whole,’ Lau says
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Blockchain technology provider Alchemy has raised $80 million from investors led by Coatue Management and Addition LP, giving the startup a $500 million valuation.
The fresh capital will help Alchemy expand the developer tools it provides to blockchains other than just Ethereum, strengthen its presence in New York and Southern California, and allow it to open offices in Europe and Asia, co-founder Joe Lau said in an interview. Other investors in the Series B funding round include DFJ Venture Capital; the Glazer family, which owns the Manchester United soccer club; and rock band the Chainsmokers.