Alchemy Launches $25M Web3 Developer Grant Program

Infrastructure blockchain platform Alchemy announced the launch of a program to support startups and developersin the Web3 realm. Its volume will be $25 million.

The company will support start-up projects in a negative market situation.

Applicants can receive up to $50,000 per application. Reception will begin on June 20. Funds will be distributed in mid-July.

Projects will have access to Alchemy's comprehensive infrastructure, platform, and tools, as well as advice from its team.

“We are responsible for supporting those who are passionate about new technology. We intend to attract new developers to the ecosystem during the market downturn,”Paul Almasy, head of ecosystem development at Alchemy, told CoinDesk.

According to the top manager, the initiative will focus on projects aimed at increasing the usefulness of NFTs and popularizing DeFi. It also focuses on DAO and decentralized identity.

In addition to the grant program, Alchemy has additionally invested in the Web3 U and The Road to Web3 educational platforms.

Founded in 2017, the company providesa wide range of tools for creating decentralized exchanges and NFT platforms: from managing nodes to the so-called monitoring of application functionality.

Alchemy initially focused on working with Ethereum, but later began to expand the number of supported blockchains, including second-layer solutions from Polygon and Flow.

NFT marketplaces are built on the platformOpenSea, Dapper Labs, NBA TopShot and SuperRare. Alchemy's services are used by Coinbase, unnamed leading investment banks and multinational companies like Adobe and PwC. 

Recall that in February 2022, Alchemy raised $200 million following the results of an additional session of the Series C funding round. The startup was valued at $10.2 billion.

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