UPDATED 12:29 EDT / MAY 27 2021

BLOCKCHAIN

Reach raises $12M to simplify blockchain distributed app development

Reach, a development platform enabling Javascript-like distributed applications for blockchains, announced Wednesday that it raised $12 million in funding at a $48 million valuation.

The platform allows developers to build so-called dapps quickly using a programming language syntactically and semantically similar to JavaScript, which is familiar to many developers already. The language is designed after the user’s perspective instead of low-level logic and has its own compiler and comes with its own verification engine, which guarantees code safety as well.

Reach intends to use this funding round to continue to onboard more developers to its platform, which the company says has been growing at a rate of 10% to 20% each week.

With Reach, it’s possible to compile to any protocol. As a result, developers can launch apps on almost any blockchain that fits their dapp. The company has also been onboarding a greater number of partner protocols to increase accessibility for developers including Algorand and Ethereum.

“Reach’s focus on accessibility and safety, when combined with the powerful Algorand Virtual Machine, provides the safest, easiest, fastest, and cheapest smart contract platform available,” said Steve Kokinos, chief executive officer of Algorand. “We believe it is critical to empower all developers with simple languages that put safety and correctness at the forefront.”

The company’s developer community has already produced dapp gamesauctions, nonfungible tokens and more through several hackathon-style events hosted in partnership with the Algorand Foundation and Boston Blockchain Week. The company also intends to use this funding to build additional features into the platform and prepare for the launch of a commercial version of its product that will enable enterprises to create contracts that can manage significant assets.

Upcoming expansions will focus on developer acquisition, instructional materials and further dapp development. The team plans to continue enhancing the platform’s developer portal, which has a knowledge base and featuring more academic resources with university classes and online self-paced courses.

“This investment accelerates our path to becoming the primary method the world builds decentralized applications that will form the basis of global interaction,” said Reach founder and Chief Executive Chris Swenor.

Image: Pixabay

A message from John Furrier, co-founder of SiliconANGLE:

Your vote of support is important to us and it helps us keep the content FREE.

One click below supports our mission to provide free, deep, and relevant content.  

Join our community on YouTube

Join the community that includes more than 15,000 #CubeAlumni experts, including Amazon.com CEO Andy Jassy, Dell Technologies founder and CEO Michael Dell, Intel CEO Pat Gelsinger, and many more luminaries and experts.

“TheCUBE is an important partner to the industry. You guys really are a part of our events and we really appreciate you coming and I know people appreciate the content you create as well” – Andy Jassy

THANK YOU