Crypto Start-Up Alchemy Tops $10 Billion Valuation Amid Blockchain Funding Frenzy

Less than four months after its last funding round, San Francisco-based Alchemy raised another $200 million investment led by Lightspeed and Silver Lake.

Competition for back-end, blockchain infrastructure has been heating up, with Google and Coinbase entering the space. The $200 million investment was led by Lightspeed and Silver Lake, and Alchemy's previous financing round in late Octobeat $3.5 billion. Earlier investors including Andreessen Horowitz, Coatue and Pantera also participated.

"Everyone's looking for a way to get involved in the space, and what they realized was Alchemy is the backbone for all of these things," Alchemy co-founder and chief technology officer Joe Lau told CNBC in an interview."We still think this is the first inning of Web 3."

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