Charles Schwab-backed Ethereum App Alchemy Opens for Public


  • Blockchain startup Alchemy is opening its services to any developer or company that wants to build smart contract-based projects.

Founded in 2017 by Nikil Viswanathan and Joe Lau, Alchemy powers 70% of the top applications on Ethereum and has been operating in private mode until now. The company has investors like Coinbase, Charles Schwab, Jay Z, Will Smith, Duncan Niederauer, John Hennessy, Jerry Yang, and Ruchi Sanghvi.

“We’re all here because we believe blockchain will be as powerful as the internet,” Viswanathan told Bloomberg in an interview.

Alchemy boasts 4 million users worldwide and processes $7.8 billion a year.

The San Francisco-based firm is helping the new business model, Decentralized Finance (DeFi) build. Already, the likes of stablecoin and crypto loan service MakerDAO, collectible service CryptoKitties, prediction market Augur, and non-fungible token platform OpenSea are using Alchemy to run their operations.

“If we can make development easier, then more apps will come online, and crypto will grow,” said Viswanathan.

The company is also considering going public in the future.

Both the founders are big fans of Bitcoin, but Ethereum provided them with a new set of possibilities. “The real moment for us was Ethereum,” Viswanathan said. “We saw that and said, ‘oh my god, that’s the future.’” But said currently the market doesn’t have the tools instead just picks and shovels to build skyscrapers in Ethereum.

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