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Saturday, June 22, 2024

Tech Company Powering Top NFTs Hits $10.2 Valuation

  • Alchemy, the company that created software tools used to build NBA Top Shot, has raised $200 million.
  • The funding round gives the crypto startup a $10.2 billion valuation.
NBA Top Shot/Design: Alex Brooks

Alchemy, the company that created software tools used to build NBA Top Shot, has raised $200 million, valuing the crypto startup at $10.2 billion — nearly tripling its previous valuation. 

The Series C funding round, led by Lightspeed Venture Partners and Silver Lake Partners, included previous investors Andreessen Horowitz, Pantera Capital, and Coatue Management. 

Alchemy presents a unique opportunity for investors as a platform that bridges the gap between blockchain technology and major corporations looking to take advantage of the market. 

The California-based startup has provided services to a variety of companies. 

  • It is working with Adobe to begin offering NFTs through Photoshop.
  • OpenSea, the largest NFT marketplace, used the company to build its platform.
  • It was used to build the NFT-based online video game “Axie Infinity.” 

Last October, Alchemy raised $250 million at a $3.5 billion valuation. The company continues to benefit from a flurry of investments in crypto-related startups — last year, blockchain funding surpassed $25.5 billion for the first time, a 718% increase year-over-year, per CB Insights. 

Part of the Trend

Last month, Blockdaemon — the largest independent blockchain infrastructure platform — raised $207 million during a Series C funding round, valuing the platform at $3.25 billion.

Led by Sapphire Venture Partners and Tiger Global, the round included Softbank Vision Fund 2.

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