Ethereum API Provider Alchemy Raises $80M at $505M Valuation
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Ethereum API provider Alchemy has raised $80 million in Series B round of funding round led by Coatue and Addition, TechCrunch reports. The recent investment brings the total valuation of the company up to $505 million. Alchemy has reportedly processed over $30 billion in transactions since its launch eight months ago.

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During the recent funding round, the company also attracted investments from K5 Global, Jared Leto and the Glazer family. TechCrunch also learned, citing an anonymous source familiar with the matter, that Alchemy had "over $300 million of investor demand." Nikil Viswanathan, Alchemy CEO, said that the company realized the need for a developer platform layer for blockchain in order for space to "thrive and build to its full potential."

"Every time you open DoorDash, you are using Amazon's infrastructure. Every time you interact with an NFT, you are using Alchemy. It has being powered by Alchemy underneath the hood," said Joe Lau, Alchemy Chief Technology Officer

Alchemy Contributes to Chain Dev Platform

Last November, an Ethereum infrastructure provider called Infura faced a big service outage, which forced several cryptocurrency exchanges to suspend ether (ETH) withdrawals. Later, Nikita Zhavoronkov, lead developer at Blockchair, said that the issue was in a chain-split that occurred on block 11234873.

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