Infrastructure blockchain platform Alchemy has announced the launch of a program to support startups and developers in the Web3 space. Its volume will be 25 million dollars.

1/ Announcement of the WAGBI Grant – #WereAllGonnaBuildIt!! 👷‍♀️🛠️

Alchemy’s $25M Developer Grant Initiative

Market tanks – we #WAGBI on web3

Here’s what it is and how you can access it: pic.twitter.com/W7XJQu0JP8

— Alchemy | We’re Hiring! (@ChemistryPlatform) 17 June 2022

The company will support startup projects in an unfavorable market situation.

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

Projects will have access to Alchemy’s extensive infrastructure, platform and tools, and advice from its team.

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

According to the top executive, 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 also invested in the Web3 U and The Road to Web3 education platforms.

Founded in 2017, the company offers a wide range of tools for building decentralized exchanges and NFT platforms: from node management to so-called application functionality monitoring.

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

NFT marketplaces OpenSea, Dapper Labs, NBA TopShot and SuperRare are built on the platform. Alchemy is used by Coinbase, leading unnamed investment banks, and multinationals such as Adobe and PwC.

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

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