Jay-Z Backed Ethereum App Opens For Public

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JayZ (Click2Houston.Com)
JayZ (Click2Houston.Com)

When Nikil Viswanathan and Joe Lau found Alchemy in 2017, little did they know that they will be backed by some of the biggest names across the globe. The duo, into their early 30s, met at Stanford University, where they both served as teaching assistants for a database class.

Following that they have went on to work together and built a firm which has big shot investors in forms of Duncan Niederauer, Charles Schwab, John Hennessy, Jay Z, Jerry Yang, Ruchi Sanghvi and Will Smith.

“We’re all here because we believe blockchain will be as powerful as the internet,” Viswanathan said Bloomberg in a telephonic interview.

Bloomberg in its report said that the San Francisco-based firm counts 4 million users worldwide and says the applications that use its services see about $7.8 billion a year move through them. Still, it’s difficult to build applications from scratch, Lau said in an interview.

“Everyone wants to build skyscrapers in Ethereum, but we don’t have the tools right now,” he said. “We have picks and shovels.”

Alchemy works on the vision to bring blockchain back to millions of people. “If we can make development easier then more apps will come online and crypto will grow,” Viswanathan said. The firm is considering going public in the future to help it grow, according to Viswanathan.