Reach, a blockchain development platform for decentralized applications, has raised $12 million from investors to further its goals of simplifying the DApp creation process, the company announced on Wednesday.
Reach launched in 2019 and has thus far achieved compatibility with the Ethereum and Algorand blockchains, with plans to expand the compatibility of its code compiler to adapt to any network.
Reach founder and CEO Chris Swenor said the fundraising effort took the project closer to becoming the main platform for interoperable DApp development.
"This investment accelerates our path to becoming the primary method the world builds decentralized applications that will form the basis of global interaction," said Swenor. "We are thrilled by the momentum we have seen so far and the unprecedented support by investors and pioneering networks who share our vision for bringing blockchain mainstream."
Ethereum is already home to the largest percentage of blockchain developers, with twice as many as the foremost cryptocurrency, Bitcoin (BTC), according to some reports. Algorand launched in 2019 with the goal of scaling blockchain performance — a goal it has since made progress toward with a reported 1,000 transactions per second and sub-cent fees.
Algorand CEO Steve Kokinos talked up the importance of having simple programming languages that are accessible to all developers — something that must be achieved if Algorand’s visions are to be realized.
“We believe it is critical to empower all developers with simple languages that put safety and correctness at the forefront. This is aligned with our vision for the future of finance where smart contract infrastructure will support billions of dollars of value and exchange around the world,” Kokinos said.