After a funding round spearheaded by Lightspeed and Silver Lake, Web3 developer platform Alchemy announced its valuation has nearly tripled to $10.2 billion.  The $200 million round included Andreessen Horowitz, Coatue Management, Pantera Capital, and Draper Fisher Jurvetson.

Alchemy, valued at $3.5 billion after a fundraise in October, said its remarkable rise during the past three months shows Web3's rising popularity. With the advent of marketplaces for blockchain-based non-fungible tokens (NFT), Web3 says interest has skyrocketed. NFTs are unreplicable due to their digital signature.

Alchemy's infrastructure serves Adobe Inc. (ADBE.O) and NFT marketplace OpenSea in over 197 countries. Gemini, a cryptocurrency exchange, raised $7.1 billion in November lead by hedge fund Morgan Creek Digital.

According to its management, Alchemy is a developer platform that lets companies construct scalable and dependable decentralised apps (dApps) without managing blockchain or DLT infrastructure. It is easy to integrate, faster, more dependable, and scalable than other solutions. 

Augur, Cryptokitties, Kyber, Radar Relay, and OpenSea use Alchemy for core infrastructure. Key investors back the team of big data and scalable infrastructure experts from Stanford, MIT, Google, Facebook, Microsoft, and others (Charles Schwab, Coinbase, founders of LinkedIn and Paypal, Chairman of Google).