The ‘Amazon Web Services of Web3’ makes another acquisition
ChainShot runs coding bootcamps for Web3 developers
Alchemy believes ChainShot’s goals are central to building apps for the blockchain
Alchemy’s valuation has grown to a $10.2 billion valuation
ChainShot began as a hackathon in 2018
Alchemy, a Web3 developer infrastructure firm that most recently raised $200 million in Series C1 funding in February, has just announced its first-ever acquisition, and it’s in the field of education. Investors took notice because of its rapid expansion, and this group includes well-known companies like Lightspeed, Silver Lake, a 16z, Coatue, and Pantera. It powers more than $150 billion in transactions for clients each year, including the NFT platform OpenSea and the DeFi app Quatstamp.
Nikil Viswanathan, CEO of Alchemy and co-founder of ChainShot, an education firm that offers coding bootcamps for aspiring web3 developers. The acquisition of Alchemy appears appropriate given that its objective is to serve as a platform for developers aiming to create blockchain-based applications.
It is frequently referred to as the Amazon Web Services (AWS) of Web3, and it claims that over the past 12 months, the number of teams using its platform has increased by a factor of ten. Even for a crypto firm, its valuation has increased at an astonishing rate; just 16 months after launching it reached $10.2 billion.
ChainShot co-founder Cody McCabe said that the project got its start as a hackathon project at the ETHDenver conference in 2018. Before Alchemy acquired ChainShot, the business had been bootstrapped. McCabe was motivated to create it after completing his own coding bootcamp.
McCabe claimed that in addition to his own assets from his 401(k), ChainShot was able to fully defray its expenses thanks to grants made possible by its relationship to the Ethereum ecosystem and the Web2 crowdfunding platform Gitcoin.
The core of ChainShot’s current programme is its 10-week comprehensive bootcamp geared towards developers interested in building on Ethereum. ChainShot has only four employees, but aims to add more asynchronous material, like films, as it connects with Alchemy and hopes to eventually broaden its offerings to other blockchains. The business bragged about its 180% increase in student enrollment since January 2022.
When included into Alchemy, ChainShot will join the self-paced coding courses WEb2 U and Road to Web3 and the crypto infrastructure company’s other two educational products. ChainShot will also no longer charge students the fees it previously did and will instead provide its product free of charge.
