In the education space, the company purchased ChainShot, which runs coding bootcamps for aspiring web3Developers. The terms of the deal weren't disclosed.
Considering the company's goal is to be the starting point for developers looking to build apps on the block, the acquisition seems like a good fit. Over the past year, it has seen a 10x increase in the number of teams building on its platform. It gained a $10.2 billion valuation just 16 months after it was founded.
Lightspeed, Silver Lake, a16z, Coatue and Pantera are just a few of the high-profile names in the group. The company powers over $150 billion in transactions for clients every year.
Alchemy, which aims to be the ‘de facto platform’ for developers to build on web3, is now valued at $10.2B
ChainShot started as a hackathon project at the ETHDenver conference, according to its co-founder. The company was in trouble before it was bought, according to the founder. ChainShot was able to cover its costs largely through grants available through its connection to the ether and web3 platforms, as well as through the personal capital of the co-founders.
Since January, the company has seen a 180% growth in the number of students it works with.
Half of the students that went through the program have found jobs within six months after graduation. It is worth noting that many of the best known coding bootcamps are believed to have exaggerated their placement numbers.
Encode Club said in May that it had a 50% placement rate, similar to ChainShot, but it mostly accepted experienced programmers. ChainShot no longer has a vetting process for its students, and when it did in the past, it looked for people that were trying to actively change and get into the ecosystem.
ChainShot was found to be the best education platform in the space according to Viswanathan.
ChainShot's 10-weekholistic bootcamp is tailored to developers looking to build on ether. The company plans to add more asynchronous content, such as videos, as it integrates with Alchemy and it also hopes to expand its offerings to other blocks over time, he said.
ChainShot will join the other education related properties, self-paced coding programs Web3 U and Road to Web3 The goal of ChainShot's that is now possible under the Alchemy umbrella is to offer its product at no cost to students.
Viswanathan said that it would keep an eye out for potential acquisition targets as it looks to significantly expand its offerings with a team of 90 employees.
We have a lot of things that we can't build because of our bandwidth constraints, but if we had 500 people, we'd pump out a lot more products. We will always look to improve our services.
If we see a team that has a product that enables a better experience for our customers, we'll definitely be excited about working with them.
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