While firms like Andreessen Horowitz (a16z) and Paradigm Ventures make waves with headlines trumping their $2 billion funds to invest in the next wave of Web 3.0 companies, leading crypto firms are starting to rewrite the rules of corporate venture capital on their own terms.
In today’s frothy crypto environment, where nine-figure venture capital rounds seem to be handed out to startups like foam fingers at a football game, it can be easy for a casual observer to assume that all participants are blindly following FOMO-driven over-exuberance. For instance, while firms like Andreessen Horowitz and Paradigm Ventures make waves with headlines trumping their $2+ billion funds to invest in the next wave of Web 3.
“Our whole goal as a company is to bring Web 3.0 to the world,” says CEO Nikil Viswanathan. “The way we do that is by empowering developers to create great products. That has been primarily done by building the best, or the only really full developer platform, but we also look at this in a very holistic way.” Alchemy’s client support also includes introductions to investors and clients, facilitation of business connections, and help with recruitment.
That said, Alchemy will not be investing on its own. It will be co-investing alongside prominent VCs such as a16z, Pantera Capital, Coateu, and Draper Fisher Jurvetson. These will be symbiotic arrangements, where Alchemy will rely on these firms to handle term sheets and lead negotiations, according to Viswanathan. At the same time, those outfits see Alchemy offering a distinct informational advantage in the highly competitive world of venture capital investing.
Since Alchemy’s business is dependent upon developers building useful and intuitive blockchain applications on top of its technology stack, this approach could in a way also be seen as a hedge or investment itself. In this light Viswanathan notes that Alchemy is following in some of its Web 2.0 counterparts’ footsteps. “It's similar to Facebook and Google doing investments into infrastructure and the Internet for developing nations so they can get more users [in those countries],” he says.
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