A blockchain development platform for decentralized applications, Reach has raised about $12 Million from different investors to pursue its ambitions of simplifying the process of creating Decentralized Apps, as announced by the company on May 26.
Reach was launched in 2019 and has achieved compatibility with the Algorand and Ethereum blockchains thus far, with goals to extend the compatibility with the code compiler of the platform to ensure adaptability with any network.
Chris Swenor, the founder, and CEO of Reach, said the recent fundraising brings a step closer to becoming a blockchain platform for Dapp development with interoperability.
Swenor said, “This investment catalyzes the process of becoming the fundamental method the world needs to build decentralized applications that will form the foundation of global interaction. We are elated at the progress we have experienced so far and the unequaled support we have received from our investors and leading fresh networks who embrace our vision of bringing blockchain to the mainstream.”
According to some reports, the largest percentage of developers in the blockchain industry has made Ethereum their home, which is twice as much as Bitcoin (BTC), the pioneer cryptocurrency. In 2019, Algorand was launched to scale the performance of blockchain – a goal it has since there was progress toward having sub-cent fees and 1,000 TPS (transactions per second).
Steve Kokinos, the CEO of Algorand, spoke on the importance of developing simpler programming languages that will be open to all developers, especially in the blockchain industry. This is something that must be achieved Algorand are to realize its vision.
Kokinos, however, said, “We strongly believed that it is very critical to equip all the developers in the industry with simple programming languages that consider correctness and safety as the priority. This is well-aligned with the vision of the firm for the succeeding days of finance where billions of dollars of exchange and value will be supported by smart contracts across the globe.”