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.
tripling to $10.2B in 3 months for a developer tools company. web3 valuations were completely unhinged
Lightspeed and Silver Lake co-leading a crypto infra round was a massive signal. they dont throw money at toys.
aws of web3 is generous. more like the heroku of web3 that hasnt found product market fit yet
Canada Bill C-249 and Cash App Lightning integration buried in here is actually more interesting than another $10B valuation