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 games, auctions, 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
Since you’re here …
Show your support for our mission with our one-click subscription to our YouTube channel (below). The more subscribers we have, the more YouTube will suggest relevant enterprise and emerging technology content to you. Thanks!
Support our mission: >>>>>> SUBSCRIBE NOW >>>>>> to our YouTube channel.
… We’d also like to tell you about our mission and how you can help us fulfill it. SiliconANGLE Media Inc.’s business model is based on the intrinsic value of the content, not advertising. Unlike many online publications, we don’t have a paywall or run banner advertising, because we want to keep our journalism open, without influence or the need to chase traffic.The journalism, reporting and commentary on SiliconANGLE — along with live, unscripted video from our Silicon Valley studio and globe-trotting video teams at theCUBE — take a lot of hard work, time and money. Keeping the quality high requires the support of sponsors who are aligned with our vision of ad-free journalism content.
If you like the reporting, video interviews and other ad-free content here, please take a moment to check out a sample of the video content supported by our sponsors, tweet your support, and keep coming back to SiliconANGLE.