Reach secures $12Mn to enhance development of blockchain applications

Reach secures $12Mn to enhance development of blockchain applications

Reach -a platform that allows developers to build decentralized applications has raised USD 12 million in funding, subsequently reaching a USD 48 million valuation. The company aims at supporting rapidly adopting blockchain-based apps on its platform in the coming times.

It is worth mentioning that Reach encouraged developers to safely and seamlessly develop blockchain applications in no time, regardless of the experience or skill. With this funding, the company will hire additional developers as the firm continues to witness growth at a rate of 10% to 20% per week.  

Citing sources, Reach’s developer community has built games, NFTs, auctions, and various hackathon-style events hosted in alliance with the Boston Blockchain Week and the Algorand Foundation.

In addition to above, the Boston-based company is working to increase the sophistication of applications along with lowering the barriers to entry for developers to leverage certain leading blockchain systems that are available by allowing them to be developed in a language similar to JavaScript and use high-performance blockchains.   

According to Chris Swenor, Founder and CEO of Reach, the latest investment will drive the company’s path to become the primary method that other organizations use to develop decentralized applications leading to global interactions.   

For the record, increasing accessibility of blockchain development will strengthen the market share with its increasing pool of partner protocols such as Ethereum and Algorand, in the cryptocurrency field.  

Steve Kokinos, CEO, Algorand, was quoted stating that Reach’s commitment on safety and accessibility when integrated with the Algorant Virtual machine offers the fastest, safest, easiest, and most cost-effective smart contract platform.

An increase in hiring across development and production teams will be the primary aim for Reach with the added influx of funds to develop additional features into the platform. This comprises a commercial variant of Reach that will allow the companies to create contracts that manage volumes and value of assets.

Moreover, the forthcoming expansion efforts focus on instructional materials, developer acquisition, and the continued acceleration of dApp development. Reach is focusing on improving the knowledge base of its platform and expand its reach in educational institutions by building e-self paced courses, and university-level curriculum.   

Source Credit: https://www.prnewswire.com/in/news-releases/reach-raises-12-million-to-simplify-blockchain-development-and-unlock-the-next-generation-of-decentralized-applications-820928300.html