San Francisco-based blockchain business firm Alchemy announced the launch of its public application programming interface (API) later having raised $fifteen million in its Series A funding round.

Co-ordinate to a press release published by the firm on Dec. 17, Alchemy's platform allows enterprises to build blockchain-based applications.

The $15 million funding circular was reportedly led by Pantera Majuscule and has seen participation from the Stanford University — as Cointelegraph reported yesterday — crypto exchange Coinbas, tech giant Samsung, Alphabet chairman John Hennessy, LinkedIn founder Reid Hoffman, Yahoo founder Jerry Yang. The company intends to use the funds to expand into international markets.

The business firm was founded by Stanford classmates Nikil Viswanathan and Joe Lau forth with a team of industry veterans from Facebook, Google, Microsoft, Stanford, and MIT, and entrepreneurs.

Developer tools are essential to adoption

The firm claims that its offering is more scalable, performant and reliable than existing alternatives and is accompanied by defended developer tools. Furthermore, Alchemy claims that developing on its platform is faster and costs less. Viswanathan explained that he and Lau believe developer infrastructure is the key to driving mainstream adoption of new technologies. Lau also said:

"We realized blockchain engineering would develop in the aforementioned way, so nosotros're working to enable mainstream adoption past providing the industry with the loftier quality infrastructure and programmer tools that it needs."

Hennessy pointed out that he gained experience during his work at Google — at present office of Alphabet — about how the early on internet, which is oft compared to the current blockchain, matured. He then commented on Abracadabra's initiative:

"What Alchemy is doing in blockchain has the potential to be similarly transformational, and Nikil and Joe accept the deep technical background and proven entrepreneurial rails tape to make information technology happen."

Equally the blockchain industry matures, ever more endeavour is being put into simplifying the development of applications based on this engineering. Earlier this week, multinational IT services behemothic Tata Consultancy Services launched a blockchain app development kit that the firm claims speeds up smart contract evolution past twoscore%.