Founded in October 2019 by Chris Swenor, Reach is a platform for practical blockchain development. It makes the development of decentralized app (DApp) exponentially faster and cheaper and helps developers launch their DApps on any blockchain network. Reach primarily consists of a programming language, compiler, and suite of testing and deployment tools.
With the growing popularity of blockchain, cryptocurrency, and DeFi applications, building DApps is becoming an important skill for the next generation of software developers. In today’s time, such developments require people with a specialized skillset in cryptography and distributed computing. Apart from that, building DApps for different blockchain networks require an understanding of the network protocol and blockchain-specific language.
For example, if you want to build a DApp for the ethereum blockchain, you first have to understand the ethereum network protocol and code your DApp in Solidity or EVM (ethereum virtual machine) compatible language. Not to mention that there is no cross-chain compatibility in case you want to transition your DApp to a different blockchain network. Meaning the applications built on each platform are rarely compatible with any other.
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With this new fund, Reach is aiming to accelerate the platform development and expand the compatibility of its compiler to adapt to any blockchain network from its currently supported Ethereum and Agroland blockchains. With this new fund, Reach has so far raised $48M in VC capital.
“This investment accelerates our path to becoming the primary method the world builds decentralized applications that will form the basis of global interaction. 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.”Reach Founder and CEO Chris Swenor
The focus with the new fund for Reach will be to accelerate hiring across development and product teams in order to build additional features into the platform. This includes a commercial version of Reach that will safely enable enterprises to create contracts that manage significant volumes and the value of assets. Upcoming expansion initiatives focus on developer acquisition, instructional materials, and continued acceleration of dApp development. The team plans to enhance the platform’s knowledge base and expand its presence in academia by developing university-level curricula and online self-paced courses.