Reach a development platform enabling any developer to build decentralized applications have raised $12 million in funding at a $48 million valuation. The platform empowers software developers to safely and easily build blockchain applications in a fraction of the time, regardless of skills and experience. The funding round will fuel the onboarding of developers to Reach which, to date, has grown at a rate of 10-20% each week. Increasing the accessibility of blockchain development is expected to bolster the market share of its growing pool of partner protocols, like Algorand and Ethereum, in the crypto space.
This funding fuels the platform’s developer onboarding which has grown at an accelerated rate. Reach’s developer community has already produced games, auctions, NFTs, and more through several hackathon events hosted in partnership with the Algorand and Boston Blockchain week.
“Reach’s focus on accessibility and safety, when combined with the powerful Algoand Virtual Machine provides the safest, easiest, fastest, and cheapest smart contract platform available,” said Steve Kokinos, CEO of Algorand. “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.”