Alchemy valuation nearly triples to $10.2 billion in about three months

(Reuters) - Web3 developer platform Alchemy said on Tuesday its valuation had nearly tripled to $10.2 billion after a funding round led by Lightspeed and Silver Lake, joining the list of crypto startups whose valuations have jumped in recent months.

The company raised $200 million in the round which also saw participation from Andreessen Horowitz, Coatue Management, Pantera Capital and Draper Fisher Jurvetson.

Alchemy, which was valued at $3.5 billion after a fundraise in October, said its rapid growth over the past few months reflects the growing popularity of the Web3 space.

Web3 is used to describe a potential next phase of the internet: a decentralized web run on the record-keeping technology blockchain.

The company said Web3 has seen an explosion of interest with the launch of marketplaces for non-fungible tokens (NFT), which are digital assets that exist on blockchains. NFTs have a unique digital signature and cannot be reproduced.

Alchemy's platform has users in more than 197 countries and counts Adobe Inc and NFT marketplace OpenSea among its customers.

Gemini, a platform for buying, selling, storing and earning cryptocurrencies fetched a valuation of $7.1 billion in a funding round in November, led by hedge fund Morgan Creek Digital.

(Reporting by Manya Saini in Bengaluru; Editing by Vinay Dwivedi)

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