The new platform, with an initial focus on Ethereum and Algorand, offers a greatly simplified way of building blockchain-based applications, which drastically lowers the entry barrier for developers

BOSTON, May 26, 2021 / PRNewswire / – Reach, a development platform that allows any developer to build decentralized applications, announced today that it has increased it $ 12 million when financing a $ 48 million Rating. Just as Apple’s iOS sparked the proliferation of mobile apps, Reach hopes to usher in a new era of blockchain-based applications.

The platform enables software developers to securely and easily build blockchain applications in a fraction of the time, regardless of their skills and experience. The funding round will encourage developer onboarding to reach, which has grown by 10-20% weekly so far. Improving the accessibility of blockchain development is expected to strengthen the market share of the growing pool of partner protocols like Algorand and Ethereum in the crypto space. At the same time, Reach increases the complexity of apps and lowers the barriers to entry for developers to take advantage of some of the leading blockchain platforms available by allowing them to create a JavaScript-like language and deliver it on powerful blockchains.

“This investment accelerates our path to becoming the most important way the world builds the decentralized applications that are the foundation for global interaction,” said the founder and CEO of Reach Chris Swenor. “We’re thrilled with the momentum we’ve seen so far and the unparalleled support from investors and pioneering networks who share our vision of making blockchain mainstream.”

This funding promotes the onboarding of the platform’s developers, which has grown faster. Reach’s developer community has already produced games, auctions, NFTs, and more through several hackathon-style events hosted in partnership with the Algorand Foundation and Boston Blockchain Week.

“Reach’s focus on accessibility and security combined with the powerful Algorand Virtual Machine (AVM) provides the safest, easiest, fastest and cheapest smart contract platform available,” he said Steve Kokinos, CEO of Algorand. “We believe it is important to provide all developers with simple languages ​​that emphasize security and correctness. This is in line with our vision for the future of finance, where intelligent contract infrastructure is worth billions of dollars and supports exchanges around the world. “”

The accelerated hiring of development and product teams will be a main focus for Reach with the additional inflow of funds in order to integrate additional functions into the platform. This includes a commercial version of Reach that allows companies to securely create contracts that manage significant amounts and value of assets. The next expansion initiatives focus on the acquisition of developers, teaching materials and the continuous acceleration of dApp development. The team plans to expand the platform’s knowledge base and expand its presence in academia by developing university-level curricula and online self-paced courses.

Reach was removed from the Boston-based home offices from Chris Swenor and Jay McCarthy. McCarthy received his PhD in Computer Science from Brown University and teaches as an associate professor UMass Lowell. Chris Swenor is a seasoned entrepreneur with many successful exits to his name. He is currently a mentor at Harvard Business School, TechStars and MassChallenge.

Over range
Reach is building the next generation blockchain development platform that will completely change the paradigm of decentralized application development (DApp). DApps have enormous potential but are impractical today due to obstacles that have made blockchain development risky and limited to specialists such as cryptographers. The Reach platform is a comprehensive environment that any developer without years of experience can use to create useful and secure DApps and easily deploy them in a variety of different blockchain networks. Further information can be found at https://reach.sh/.

About Algorand Inc.
Algorand is building the technology for the future of finance (FutureFi), the convergence of traditional and decentralized models into a unified system that is integrative, smooth and secure. Founded by the Turing Award-winning cryptographer Silvio MicaliAlgorand developed a blockchain infrastructure that provides the interoperability and capacity to handle the volume of transactions that Defi, financial institutions and governments need for a smooth transition to FutureFi. The technology of choice for more than 500 global companies, Algorand makes it easy to create financial products, next-generation protocols, and share values. More information is available at www.algorand.com.

SOURCE Reach