Alchemy, a web3 developer infrastructure agency that was valued at $10.2 billion final 12 months, has acquired Satsuma, a blockchain knowledge indexing platform. As a part of the deal, Satsuma will merge with Alchemy and function as Alchemy Subgraphs, Alchemy stated Tuesday. The phrases of the deal weren’t disclosed.
The acquisition comes amid bearish crypto market situations, however Alchemy’s product supervisor, Mike Garland, informed The Block that the deal is unrelated to the bear market. “Buying Satsuma proper now has nothing to do with the bear market,” he stated. “Their crew constructed an outstanding product and shortly rising, fanatical person base that reminded us of the early days at Alchemy. Folding the Satsuma crew and expertise into Alchemy was the apparent subsequent step in persevering with to unravel the largest ache factors for builders.”
Satsuma is Alchemy’s second acquisition after ChainShot, a web3 developer schooling platform, which it acquired in August 2022.
What’s Satsuma?
As a blockchain knowledge indexing platform, Satsuma helps builders construct apps quicker by extracting and reworking blockchain knowledge.
Constructing a profitable app on prime of blockchains is difficult, Alchemy stated. Suppose somebody desires to compute a complete worth locked of a decentralized finance protocol. In that case, they have to create a system to assemble and set up transactions of their database. They can even want to make sure the information stays correct even when the blockchain modifications, and so they must deal with the continued prices of managing this knowledge.
With Satsuma, builders can construct customized>$5 million seed funding spherical co-led by Initialized Capital and Archetype in April of this 12 months. There are presently six full-time staff working for Satsuma, and all of them will be a part of Alchemy, Garland stated.
“Dan [Li] and I began Satsuma as a result of we noticed a chance to make blockchain indexing simpler for these constructing the decentralized web,” Jonathan Kau, co-founder and CEO of Satsuma, informed The Block. “We’re excited to affix forces with Alchemy to speed up our influence on the web3 ecosystem and vertically combine our merchandise.”