Jacquelyn Melinek

<div id="highlights-block_6202c392b5ad4" class="highlights">
 <ul>
 <li>In under four months, Alchemy valuation has jumped 191% from $3.5 billion to $10.2 billion</li>
 <li>Over $105 billion in annualized on-chain transactions have been powered by Alchemy to date, up 133% from $45 billion in October</li>
 </ul>
 
</div>



Web3 blockchain infrastructure startup Alchemy has closed a $200 million round earmarked for Web3 developers.



Nikil Viswanathan, co-founder and CEO of Alchemy, announced the raise in a <a href="https://blog.alchemy.com/blog/series-c-1" target="_blank" rel="noreferrer noopener">post</a> Tuesday.&nbsp;



The Series C1 round follows a $250 million Series C round in October, when the company was valued at $3.5 billion. The latest raise brings its valuation to $10.2 billion, a 191% increase.



The latest round was led by existing investor Lightspeed, and Silver Lake joined as a new investor. Previous investors, including a16z, Coatue, Addition, Pantera Capital and DFJ, also participated.



“We’re excited to get to work with thousands of developers and teams building the future of Web3 and help support tens of millions of users all around the world,” Viswanathan said. “As NFTs, DeFi, DAOs, and the emerging metaverse have taken the world by storm, we’ve only gotten more excited, knowing that we’re all just getting started.”



The company aims to make blockchain development more accessible by providing developers tools and infrastructure, Viswanathan said. Over $105 billion in annualized on-chain transactions have been powered by Alchemy to date, up 133% from $45 billion in October.



The figures represent a “massive acceleration of growth in the Web3 ecosystem as a whole,” the team said. Thousands of new Web3 organizations are being launched and scaling quickly, while hundreds of Web2 companies are pivoting to include Web3 strategies.&nbsp;



“We believe Web3 should be accessible to everyone, and the best way to make that happen is by supporting incredibly creative developers who are bringing their ideas to life through blockchain technology,” Joe Lau, CTO and co-founder of Alchemy, said in a statement.



Alchemy has also reinvested in the ecosystem through the launch of a handful of new products and sectors: <a href="https://www.web3.university/" target="_blank" rel="noreferrer noopener">Web3 University,</a> <a href="https://www.alchemy.com/ventures" target="_blank" rel="noreferrer noopener">Alchemy Ventures</a> and <a href="https://blog.alchemy.com/blog/alchemy-equity-investment#:~:text=Launched%20our%20new-,NFT%20API,-%2C%20enabling%20any%20developer" target="_blank" rel="noreferrer noopener">NFT API</a>, among them.&nbsp;



Last month, it partnered with Singapore-based payment infrastructure provider NIUM to expand its Alchemy Pay product and facilitate the flow of capital between traditional financial institutions and crypto networks, Blockworks previously <a href="https://cms.blockworks.co/alchemy-pay-adds-direct-fiat-on-ramps-via-partnership-with-singapore-fintech-nium/" target="_blank" rel="noreferrer noopener">reported</a>.



“2021 was the year developers took Web3 mainstream and created businesses that are transforming the lives of millions,” Viswanathan said. “In 2022, we’ll be doubling down on our commitment to supporting developers globally, making it easier than ever to unlock the potential of Web3.”



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>
</ul>

alchemy

Web3 Startup Alchemy Raises $200M to Fuel Blockchain Development

Macauley Peterson

<div id="highlights-block_61dc2f32094f7" class="highlights">
 <ul>
 <li>NIUM serves clients in 190+ countries via 11 licenses including in the United Kingdom, EU, USA, Singapore, Hong Kong, and Australia</li>
 <li>Alchemy Pay now supports Algorand&#8217;s $ALGO token for payments in 65 countries</li>
 </ul>
 
</div>



Digital asset markets, DeFi, and Web3 networks are designed to allow value to flow over the internet without the need for trusted intermediaries. But to facilitate the flow of money between traditional financial institutions and crypto networks, there remains a need for companies like Alchemy Pay, that facilitate the exchange.



A new partnership with the Singapore-based payment infrastructure provider, NIUM, will further expand Alchemy Pay’s global reach.



&#8220;NIUM allows us to provide crypto and fiat acceptance at even more competitive prices and tap into lucrative new markets where we know there is serious demand. This is a huge step forward for us — our network now has more global coverage and is more attractive than ever,&#8221; said John Tan, CEO of Alchemy Pay in a statement on Monday.



Alchemy Pay, which <a href="https://cms.blockworks.co/a16z-invests-250m-in-alchemy-alameda-backs-voyager-with-75m/" target="_blank" rel="noreferrer noopener">raised $250 million</a> in a Series C round in October, is an integrated fiat and cryptocurrency gateway solutions provider, serving merchant networks, developers, and financial institutions. The company says it supports over 70 countries and interacts with 2 million merchants through partnerships with industry players such as Binance, Shopify, Arcadier, and QFPay.



Nium became the first B2B payments unicorn from Southeast Asia after it raised <a href="https://www.nium.com/newsroom/global-payments-series-d-funding" target="_blank" rel="noreferrer noopener">a $200 million Series D</a> round in July 2021, and has been expanding aggressively through a mergers and acquisition strategy in advance of a planned IPO in the US in 2023.



NIUM co-founder and CEO Prajit Nanu <a href="https://youtu.be/EvMd0QTXezQ?t=261" target="_blank" rel="noreferrer noopener">told Bloomberg</a> after the Series D announcement that “the joy of being in Singapore [is that] the local market is very small, so you always think global from day one.”



<h3 class="wp-block-heading">Algorand joins the Alchemy Pay blockchain roster</h3>



Alchemy Pay has been pursuing a strategy of integrating its fiat payment channels with a variety of major blockchain networks, including Polygon, Avalanche, and NEAR. On Monday, the company added Algorand, which also joined Alchemy Pay in the Blockchain Infrastructure Alliance, an advocacy group, according to a statement.



The integration lowers barriers to entry into crypto ecosystems and will enable Algorand to onboard users via fiat payment standards like Visa, Mastercard, PayPal, and local payment channels in various countries. Any ALGO tokens used by customers for payments via the Alchemy Pay network will be automatically converted to fiat currency.



Alchemy Pay also <a href="https://cms.blockworks.co/alchemy-pay-readies-launch-of-virtual-crypto-linked-cards/" target="_blank" rel="noreferrer noopener">plans to launch</a> its own virtual crypto-linked payment cards.



&#8220;The integration with Alchemy Pay will help us further expand our ecosystem to enable much more versatile application scenarios and bring the technology to everyone&#8217;s daily life,&#8221; said Haichao Zhu, Head Developer Advocate at the Algorand Foundation.



Alchemy Pay did not immediately respond to Blockworks&#8217; request for comment.



<hr class="wp-block-separator"/>
Get the day’s top crypto news and insights delivered to your inbox every evening.&nbsp;<a href="https://cms.blockworks.co/newsletter/?source=end" target="_blank" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.
<hr class="wp-block-separator"/>

Alchemy Pay

Alchemy Pay Adds Direct Fiat On-ramps via Partnership With Singapore Fintech, NIUM

Ben Strack

<div id="highlights-block_61115be797cc2" class="highlights">
 <ul>
 <li>The cards support 40 cryptocurrencies and can be linked to digital wallets such as Google Play and PayPal</li>
 <li>Thirty percent of people say ability to pay with crypto would make them spend more than they would when using traditional payment methods, survey finds</li>
 </ul>
 
</div>



<a href="https://www.alchemytech.io/index.html">Alchemy Pay</a> has become the latest company working to accelerate the adoption of cryptocurrencies in the payment sector by getting set to launch virtual cards supporting more than 40 cryptocurrencies.



The cards can be linked to digital wallets such as Google Play and PayPal and will be accepted across millions of merchants on the networks of Visa and Mastercard, which includes Amazon and eBay.&nbsp;



Alchemy Pay, a Singapore-based crypto-fiat hybrid payment solutions provider, currently operates in 18 countries and regions, reaching about 2 million merchants through partnerships with Shopify, Arcadier, QFPay and others.



Alchemy is looking to offer the card services as a “full suite white-label service” to crypto projects and businesses as well as institutions looking to integrate crypto-related solutions, according to a news release put out by the firm on Monday.



Its virtual card services are being beta tested in several markets, the firm said, and they are expected to be launched at the end of 2021 or the beginning of 2022.



Alchemy Pay did not immediately respond to Blockworks’ request for comment.&nbsp;



The pending launch announcement comes after <a href="https://www.pymnts.com/study/cryptocurrency-payments-merchants-bitcoin-purchases-crypto-transactions/#wpcf7-f1118084-o1">a survey</a> by <a href="https://www.pymnts.com">PYMNTS</a> and <a href="https://bitpay.com">BitPay</a> found that 60% of cryptocurrency users are “very or extremely interested” in using crypto to make online purchases. The report measured the responses of about 8,000 crypto owners and non-owners in the US.&nbsp;&nbsp;



The 60% figure increases to 69% for those who have already made purchases with crypto and decreases to 49% among holders who have not.



“Holders and non-holders are interested in cryptocurrency payments because of the possible enhanced privacy and security features over traditional credit card or bank account-based payments,” the report states.



But consumer concerns about ease of use is a potential barrier, the survey found. Nine percent of non-holders believe that making purchases using cryptocurrency would be easy, whereas 55% of owners who have already made purchases with it say it was.&nbsp;



Additionally, more than half of those who don’t own crypto agree that not enough merchants accept cryptocurrency for payments. Another 30% agree that the ability to use crypto as a form of payment would make them spend more than they would when using traditional methods, such as credit cards.



<a href="https://cms.blockworks.co/visa-partners-with-50-crypto-platforms-on-card-programs/">Visa reported last month</a> that consumers spent more than $1 billion worth of cryptocurrency on goods and services through Visa’s crypto-linked cards in the first half of 2021. The company also revealed that it is partnering with 50 crypto platforms on card programs that allow users to convert and spend digital currency at 70 million merchants.



Mastercard has also recently progressed in the crypto space by focusing on <a href="https://cms.blockworks.co/mastercard-to-simplify-conversion-from-crypto-to-fiat-currency/">enabling partners to offer a card option</a> to people wanting to spend their digital assets anywhere Mastercard is accepted.



Spokespeople for Mastercard and Visa did not immediately respond to requests for further comment on Alchemy Pay’s use of their networks.



The latest Alchemy Pay announcement is its latest in a string of expansion moves.



It <a href="https://www.businesswire.com/news/home/20210803005696/en/Alchemy-Pay-Binance-Partner-to-Drive-Binance-Pay-Merchant-Integration">partnered with Binance</a> to help the world’s largest crypto exchange build a payment bridge between crypto and fiat through the Binance Pay wallet. Alchemy <a href="https://www.businesswire.com/news/home/20210805005525/en/Alchemy-Pay-and-Cobo-Custody-Sign-Strategic-Cooperation-to-Integrate-Fiat-Crypto-Payment-and-Financial-Services">also joined forces</a> with secure wallet and crypto custody services provider Cobo to allow it to hybrid crypto-fiat payment convenience to its platform.



Additionally, cryptocurrency service provider MEXC Global <a href="https://www.prnewswire.com/news-releases/alchemy-pay-partners-mexc-global-to-provide-fiat-on-ramps-and-crypto-acceptance-301350233.html?fbclid=IwAR07SCrfPNmFc7OZk5VNZ7djyl6lKiwPVfFni-3IxWhnuCSnUmbjbQIfKjI">revealed last week</a> that it would integrate Alchemy&#8217;s payment gateway to better serve MEXC&#8217;s European market.&nbsp;