Alchemy raises $80M to power the NFT boom as the ‘AWS of blockchain’

Alchemy is the platform behind NFT marketplaces OpenSea, Nifty, and many major collections.Blockchain developer Alchemy has announced that it has raised $80 million in a Series B round to further develop platforms that power non-fungible token marketplaces.

The firm’s developer platform aims to remove the complexity and costs of building infrastructure on top of the blockchain layer. Alchemy CTO Joe Lau compared the technology to Amazon’s AWS which is the backbone of internet cloud services:

“Every time you open DoorDash, you’re using Amazon’s infrastructure. Every time you interact with an NFT, you’re using Alchemy. It’s being powered by Alchemy underneath the hood.”

The firm plans to use the funding to support new chains with its developer platform, and expand its employee base which currently stands at a team of just 22 people. In late March, Alchemy partnered with the Flow blockchain to expand its reach into the burgeoning NFT ecosystem.

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Author: Priyanka

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