Blockchain App Bridge Alchemy Raises $250M, Powers Adobe NFT

Startup Alchemy, a developer platform for blockchain and Web3, raised $250 million at a $3.5 billion valuation and is powering Adobe’s non-fungible token (NFT), according to reports.

The company’s Series C funding round was led by Andreessen Horowitz, with participation by new investors Lightspeed, Redpoint and a16z, and additional backing from existing investors Coatue, Addition, DFJ and Pantera, according to a press release on Thursday (Oct. 28).

As NFTs continue rising in popularity, Alchemy is seeing its valuation surge, now at a level 15 times its value in April. The Alchemy platform enables developers to create applications on top of blockchains.

Alchemy was behind the $69 million NFT by the artist Beeple and has powered over $45 billion in transactions for users worldwide, including Dapper Labs (CryptoPunks and CryptoKitties) as well as NBA Topshot and the largest marketplace, Opensea.

See also: Sculpture by NFT Artist Beeple Set for $15M Auction at Christie’s

Adobe, in partnership with Alchemy, is rolling out plans to give artists the ability to create NFTs in Photoshop. PwC is also collaborating with Alchemy.

“Alchemy is growing at a staggering pace because it offers developers a platform for building web3 applications that is reliable, scalable and easy to use,” said Ali Yahya, General Partner at Andreessen Horowitz.

Read more: Alchemy Pay Will Offer Virtual Crypto MC, Visa Cards

Launched in 2017 in Silicon Valley by Joseph Lau, who serves as chief technology officer, and Nikil Viswanathan, CEO, Alchemy aims to supply a necessary ingredient in the blockchain sector. The startup works with developers across numerous verticals, including “financial institutions, exchanges, gaming, NFT platforms, decentralized applications and protocols, and multinational organizations such as PwC and Adobe,” per the press release.

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“Blockchain is still at the very beginning,” said Lau, adding that having financial backers that are who are committed to the blockchain brings forth the “potential of blockchain for developers and users everywhere.”