Alchemy, a San Francisco blockchain-web services company Alchemy has announced that it had acquired a $250 million Series C fundraising roundAndreessen Horowitz, the company’s leader, took over on Thursday. This brings its current value to $3.5 Billion.

The announcement follows a $80 million Series A in April, which valued the startup at $505 million. Pantera Capital, Redpoint, Lightspeed Venture Partners, Coatue, DFJ and Lee Fixel’s Addition also participated in the Series C round. According to founders Nikil Viswanathan and Jon Lau, the company is “very profitable” and thus far, has not spent any of that money, but plans to use the new capital to build a community around blockchain.