The Web3 development ecosystem reached a new milestone on February 8, 2022, when blockchain infrastructure startup Alchemy announced it had closed a $200 million Series C1 funding round at a staggering $10.2 billion valuation—nearly tripling its worth in just three months. The round, co-led by venture capital firm Lightspeed and private equity giant Silver Lake, underscored the explosive demand for developer tools powering the next generation of decentralized applications, NFT platforms, and DeFi protocols.
TL;DR
- Alchemy raised $200M at a $10.2B valuation, nearly tripling from $3.5B in under three months
- The round was co-led by Lightspeed and Silver Lake, signaling mainstream institutional conviction in Web3
- Canada introduced Bill C-249 to create a national cryptoasset growth framework
- Cash App integrated Bitcoin’s Lightning Network for instant BTC transfers
- PayPal established a crypto and blockchain advisory council
Alchemy: The AWS of Web3
Founded in 2017, Alchemy has positioned itself as the foundational infrastructure layer for blockchain developers—often described as the “AWS of Web3.” The platform provides tools and APIs that allow developers to build and scale decentralized applications without managing their own nodes or dealing with the complexities of blockchain infrastructure directly.
By early 2022, Alchemy was powering a significant portion of the DeFi and NFT ecosystem. The company’s platform supported applications handling billions of dollars in transaction volume, serving everyone from independent developers building their first NFT marketplace to enterprise clients exploring blockchain integration. The new funding was earmarked for expanding access to Web3 globally, with plans to support additional blockchains beyond Ethereum.
The speed of Alchemy’s valuation growth was remarkable even by crypto standards. The company had been valued at approximately $3.5 billion just months prior, in a late-2021 funding round. The rapid ascent reflected both the broader bull market in crypto assets and the specific demand for developer tooling as Web3 attracted mainstream attention.
Canada Takes a Pro-Crypto Legislative Step
On the same day Alchemy announced its raise, Canadian Member of Parliament Michelle Rempel Garner introduced Bill C-249 in the House of Commons. Titled “An Act respecting the encouragement of the growth of the cryptoasset sector,” the legislation called on the Minister of Finance to develop a national framework encouraging cryptoasset industry growth through consultation with provincial and territorial industry experts.
The bill explicitly argued that “policy must focus on lowering barriers to entry into the cryptoasset sector, protecting those working in the sector and minimizing the administrative burden.” It proposed a collaborative approach, requiring the government to seek input from private-sector individuals with demonstrated crypto industry experience. Canadian blockchain companies, including Toronto-based Hut 8 Mining Corp, quickly voiced their support for the initiative.
Lightning Network Reaches Cash App’s Millions
In another sign of Bitcoin’s maturing payments infrastructure, Block’s Cash App quietly integrated the Lightning Network in early February 2022, enabling users to send Bitcoin instantly and with minimal fees. The integration brought Layer 2 Bitcoin payments to millions of mainstream users who might never have interacted with Lightning otherwise.
The move was part of a broader trend of consumer-facing platforms embracing Bitcoin’s scaling solutions. Lightning Network adoption had been accelerating, with network capacity growing steadily as more nodes and channels came online. For Cash App, which had offered Bitcoin buying and selling since 2018, the Lightning integration represented a significant step toward making Bitcoin a practical medium of exchange rather than just a speculative asset.
A Week of Web3 Convergence
Beyond Alchemy and the Canadian legislative push, the first full week of February 2022 saw a cascade of developments signaling crypto’s deepening integration into the mainstream financial system. PayPal established a cryptocurrency and blockchain advisory council, bringing industry experts together to guide the payments giant’s digital asset strategy. Digital wealth management platform Betterment acquired automated crypto portfolio provider Makara, bringing crypto investing to one of the original robo-advisors.
Meanwhile, Infinity Ventures Crypto, a Taipei-based Web3 investment firm, announced it had closed its first fund at $70 million to invest in startups across Asia and the Americas. Ethereum infrastructure project ssv.network raised $10 million to prepare for the network’s long-awaited transition to proof-of-stake, known as “The Merge.” And Pantera Capital led an $18 million round for Rift, a protocol offering an alternative to traditional liquidity mining.
Market Context
These developments played out against a backdrop of recovering crypto markets. Bitcoin traded at $44,338 on February 9, while Ethereum changed hands at $3,239—both posting meaningful gains. BNB sat at $422, Solana at $114, and the overall market capitalization had climbed back above $2 trillion, a psychologically important threshold that signaled renewed investor confidence after a choppy start to 2022.
Why This Matters
The Alchemy funding round, Canada’s pro-crypto legislation, and Cash App’s Lightning integration are not isolated events—they represent the infrastructure maturation phase of the Web3 ecosystem. When companies building developer tools reach $10 billion valuations, mainstream payment apps adopt Layer 2 networks, and national governments proactively craft growth-oriented crypto regulations, the trajectory is clear: blockchain technology is transitioning from an experimental niche to a foundational layer of the digital economy.
For NFT creators, DeFi developers, and Web3 builders, the message is equally significant. The tools are getting better, the regulatory frameworks are taking shape, and the user base is expanding far beyond early adopters. The infrastructure boom of early 2022 is laying the groundwork for the next wave of decentralized innovation.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.
Silver Lake co-leading a web3 round in February 2022 was the ultimate peak signal. PE firms show up at the top not the bottom
alchemy tripling to 10.2B in three months was peak 2022 venture copium. great product tho, ill give them that
as a dev who uses alchemy daily, the product genuinely saved me from running my own nodes. the valuation was insane but the tooling was real
rpc_punk alchemy product is genuinely good but 10.2B was absurd. infrastructure companys dont need crypto valuations
rpc_punk the product saved you from running nodes because that was their entire business. 10B valuation was still insanity for an API wrapper
product was real but 10.2B was peak zero interest rate psychosis. same product at a 3x lower valuation would have been fine
vc_autopsy 3x lower valuation is exactly where this trades now. zero interest rate madness inflated everything
vc_autopsy 3x lower valuation is exactly where Alchemy trades now. the product was always good but 10.2B was zero interest rate psychosis pure and simple
vc_autopsy 10.2b at peak zirp. same product at 3b would have been fine. the valuation was the problem not the business
peak 2022 venture copium is exactly right. but to be fair, aws took years to become profitable too. infra plays are a long game
aws took years but also had revenue growing 40%+ annually. alchemy was burning cash to acquire users at that valuation, totally different
Silver Lake entering crypto in feb 2022 was the ultimate top signal for web3 infra
lightspeed and silver lake co-leading a web3 infra round. that was the signal that every VC wanted a crypto narrative
Silver Lake entering crypto in February 2022 was the ultimate top signal for web3 infrastructure. private equity doesnt do early, they do exit liquidity
alchemy was burning cash acquiring users at that valuation. aws took years to profit but had 40% revenue growth. totally different profile
silver lake doing a web3 deal was the real headline. private equity firms dont touch crypto unless they see a path to real revenue
Mercy O. silver lake entering was the top signal. pe firms dont do early stage they do exit liquidity
200M at 10.2B while charging basically nothing for API calls. the entire valuation was based on addressable market not actual revenue. classic 2021 era logic
Cash App integrating Lightning Network got buried under the Alchemy news but that was the actual adoption signal. payments infrastructure over developer tools
infra_rot_ Cash App Lightning integration had more real user impact than Alchemys entire SDK suite. payments vs developer tools was never close
Alchemy at 10.2B in Feb 2022 was peak Web3 infrastructure bubble. Silver Lake co-leading should have been the sell signal
runway_burn_ Silver Lake co-leading was the ultimate top signal. PE firms arrive when the easy money is already gone
calling Alchemy the AWS of Web3 aged interestingly. Infura stayed relevant and RPC providers became commoditized. the moat was never as deep as the valuation implied
Konrad B. calling Alchemy the AWS of Web3 was always a stretch. AWS has lock-in through infrastructure. Alchemy sells API calls that anyone can replicate
200M raised at 10.2B while infra became commoditized within 2 years. Infura QuickNode and half a dozen RPC providers ate their margins