Blockchain application development platform Reach raises US$12 million »CryptoNinjas

Reach is a domain-specific language used to build decentralized applications (DApps), which can easily use JavaScript-like languages ​​to launch applications on high-performance blockchain networks including Algorand and Ethereum. The company announced today that it has raised $12 million in funding. Valuation of $48 million.

The platform enables software developers to safely and easily build blockchain applications in a short period of time, regardless of skills and experience. This round of financing will promote developers to join Reach, so far, Reach has grown at a rate of 10-20% every week.

It is expected that increasing the accessibility of blockchain development will increase its market share in its growing pool of partner agreements, such as Algorand And Ethereum. This funding provides motivation for the onboarding of the platform’s developers and grows at a faster rate. The developer community of Reach has made games, auctions, NFTs, and more through multiple hackathons organized in collaboration with the Algorand Foundation and Boston Blockchain Week.

“When combined with the powerful Algorand Virtual Machine (AVM), Reach’s focus on accessibility and security provides the safest, easiest, fastest and cheapest smart contract platform.”
-Steve Kokinos, CEO of Algorand

Capital increase

With the influx of funds, cross-platform development and rapid recruitment of product teams will become the main focus of Reach in order to build more functions in the platform. This includes the commercial version of Reach, which will enable companies to safely create contracts that manage large amounts of assets and asset value.

The upcoming expansion plan focuses on developer acquisition, guidance materials, and continued acceleration of dApp development. The team plans to strengthen the knowledge base of the platform and expand its influence in the academic world by developing university-level courses and online self-paced courses.

“This investment has accelerated our pace of becoming the world’s primary method of building decentralized applications, and these methods will form the basis of global interaction.”
-Arrival founder and CEO Chris Swenor

Reach was established in October 2019 and is located in the Boston headquarters of Chris Swenor and Jay McCarthy. McCarthy received his PhD. Received a PhD in Computer Science from Brown University and served as an associate professor at UMass Lowell. Chris Swenor is an entrepreneur, and his name has many ways to succeed. He is currently a mentor at Harvard Business School, TechStars and MassChallenge.

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