Cipholio Research | Comparative Study on Blockchain Node Services

I. Positioning of Node Service Providers in the Ecosystem

Figure 1: Illustration of blockchain ecosystem (Data Source: Preethi Kasireddy)

II. BlockDaemon

1. Basic information

2. Well-known users

Figure 2: Blockdaemon ecology at a glance (Source: BLOCKDATA)

3. Historical Financing

  • In May 2020, a $5.5 million venture round was closed. Investors include Hashkey, CoinShares, Blockchain.com, Kenetic, SPiCE VC, and Fenbushi Capital.
  • The series A was completed in June 2022 and finished off with US $28 million funding. It was led by Greenspring Associates and participated by Goldman Sachs.
  • In September 2021, it completed series B financing of US $155 million with a valuation of US $1.3 billion. Softbank Vision Fund 2 led the round, Matrix Capital Management, Sapphire Ventures and Morgan Creek Digital, and the seed investors Boldstart Ventures, Goldman Sachs, Greenspring Associates, Kenetic, Kraken Ventures, Borderless Capital and other companies participated in the investment.
  • In January 2022, it completed series C financing of US $207 million with a valuation of US $3.25 billion, led by Sapphire and Tiger Global, and participated by Softbank Vision Fund 2, Boldstart Ventures, StepStone Group, Matrix Capital Management, Lerer Hippeau and Galaxy Digital.

III. Quicknode

1. Basic information

Figure 3: Blockchains supported by QuickNode (Source: QuickNode website)

2. Well-known users

Figure 4: Notable users of QuickNode (Source: QuickNode website)

3. Historical financing

  • According to Crunchbase information, QuickNode had angel funding rounds in 2018 and 2019, but there is very little information disclosed online.
  • In May 2021, a $5.3 million seed round was closed, led by Seven Seven Six with participation from Softbank, Arrington XRP Capital, Crossbeam.vc, Hashkey Capital and Tribe Capital.
  • In October 2021, it closed a US$35 million Series A round of funding led by Tiger Global with participation from Seven Seven Six, Soma Capital, Arrington XRP Capital and Crossbeam.vc.

IV. Alchemy

1. Basic Information

Figure 5: Blockchains supported by Alchemy (Source: Alchemy website)

2. Well-known users

Figure 6: Notable users of Alchemy (Source: Alchemy website)

3. Historical financing

  • According to Crunchbase information, Alchemy raised a venture round in April 2019, but there are few online disclosures and the amount was not high.
  • In December 2019, a $15 million Series A round was closed with institutional investors including Pantera Capital, Stanford University, Coinbase, Mayfield, SignalFire, Samsung, StartX and Kenetic, and individual investors including John Hennessy (Google), Jerry Yang (Yahoo) and Reid Hoffman (LinkedIn).
  • In April 2021, a Series B funding round of US$80 million was completed, led by Coatue and Addition.
  • In October 2021, it closed a US$250 million Series C round of funding at a valuation of US$3.5 billion, led by Andreessen Horowitz with participation from Lightspeed, Redpoint, Coatue, Addition, DFJ and Pantera.
  • In February 2022, a $200 million equity round was closed at a valuation of $10.2 billion. Lightspeed and Silver Lake led the round, with participation from Andreessen Horowitz, Coatue, Addition, Pantera and DFJ.

V. Summary

1. Products and services

  • Blockdaemon
  • Quicknode
  • Alchemy

2. Support for ecology

3. Well-known users

4. Valuation & Financing

5. Risks

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