Crypto start-up Alchemy tops $10bn valuation amid blockchain funding frenzy

Less than four months after its last funding round, San Francisco-based Alchemy raised another $200 million investment led by Lightspeed and Silver Lake, reports CNBC.

It comes amid a wave of venture capital interest in crypto, as investors look for winners in what some describe as the future of the internet.

Competition for back-end, blockchain infrastructure has been heating up, with Google and Coinbase entering the space, CNBC reports.

Crypto start-up Alchemy has nearly tripled its valuation in a matter of months, with the company saying it is now valued at $10.2 billion after its latest funding round.

The $200 million investment was led by Lightspeed and Silver Lake, and Alchemy’s previous financing round in late October valued the company at $3.5 billion. Earlier investors including Andreessen Horowitz, Coatue and Pantera also participated.

It comes amid a flood of venture capital dollars into crypto. Tech investors are looking for winners in what some describe as the future of the internet, or “Web 3.” Blockchain funding soared 718% last year, topping $25.5 billion for the first time, according to recent report from CB Insights.

“Everyone’s looking for a way to get involved in the space, and what they realized was Alchemy is the backbone for all of these things,” Alchemy co-founder and chief technology officer Joe Lau told CNBC in an interview. “We still think this is the first inning of Web 3.”

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