Alchemy, a crypto infrastructure company, has announced its first acquisition. It swooped in on ChainShot. This news comes after a $200 million raise in February that valued Alchemy at more than $10 billion. It also follows recent integrations of Polkadot, Solana and Solana.
Alchemy, a web3 platform that supports the likes of Lightspeed Ventures and Coatue, announced its first acquisition: ChainShot, an Ethereum developer education platform.
According to ChainShot, it offers instructor-led and live Ethereum developer boot camps. This was disclosed by The Block Thursday. Alchemy will be able to expand its education offerings, which include its Web3 University.
The statement stated that “As for next steps”, the goal was to make the integration between ChainShot’s and our programs as seamless and seamless as possible for students. We are still figuring out how everything will work, but we know one thing: ChainShot’s entire course content, which used to cost more than $3,000, will be free.
Alchemy was founded in 2017 by Joe Lau and Nikil Viswanathan. Its business model focuses on providing APIs (application programming interfaces) to companies that want to develop their blockchain services. These APIs include NFT functionality, transaction history, and node infrastructure.
APIs enable businesses to access other systems more easily. Alchemy’s are used by crypto-native companies such as OpenSea and Dapper Labs and Axie Infinity. As web3 interest grew, it has recently added newcomers such as Meta and Shopify to its roster. It has also added Solana, Polkadot integrations, increasing its compatibility with other blockchains.
In February this year, the company raised $200 million in a round that was led by Lightspeed & Silverlake. This round came just four months after it closed its Series C funding round. The company stated that it was yet to draw on the reserves it had built up from previous raises.
This announcement is made amid turbulent times for crypto companies seeking to acquire M&A opportunities. Robinhood , a crypto and stocks investment firm, more than doubled its offer to acquire UK fintech Ziglu.
This news came on the heels of Galaxy Digital’s termination of its acquisition crypto custodian BitGo, and crypto miner Prime Blockchain. 10X SPAC also canceled its \$1.25 Billion merger deal. Today, Thailand’s SCB announced that it has abandoned plans for Bitkub to be bought in a deal worth $500 million.
According to The Block Research’s Q2 report, crypto M&A transactions are still on track for a record-breaking year, despite recent volatility.